OPEC+ members, including the UAE and Saudi Arabia, will pause oil production increases in early 2026 amid cautious market outlook.
VIENNA: Eight key OPEC+ countries, including Saudi Arabia, the UAE, Russia, and Iraq, have agreed to pause their planned oil production increases in January, February, and March 2026, citing stable global economic indicators and low oil inventory levels. This decision follows a virtual meeting held on 2 November 2025, where members reviewed current market conditions and seasonal demand expectations.
The nations—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—will implement a modest production adjustment of 137,000 barrels per day this December. This move is part of the broader voluntary output cut of 1.65 million barrels per day initially announced in April 2023.
The group also signalled flexibility, noting that depending on evolving market conditions, they may restore part or all of the previously cut volumes in a gradual manner. They also reaffirmed that the voluntary cuts announced in November 2023—totalling 2.2 million barrels per day—remain subject to ongoing review.
The coordinated decision is aimed at supporting market stability as the global economy maintains a steady trajectory. OPEC+ emphasised its commitment to a “cautious approach,” highlighting the need to retain the option of continuing the pause or reversing prior output cuts if necessary.
The group also reiterated its plan to ensure full compliance with the Declaration of Cooperation. Participating countries have committed to compensating for any overproduction since January 2024 and will use this pause to accelerate their compliance efforts. The Joint Ministerial Monitoring Committee (JMMC) will continue tracking conformity and progress on compensation.
Ongoing monthly meetings will be held to monitor market dynamics and adherence to agreed production levels, with the next gathering scheduled for 30 November 2025.
