OPEC+ to Increase Oil Production Quotas in December by 137,000 b/d and Take a Pause in Growth in Q1 2026

Ministers from eight OPEC+ countries, who had previously limited oil production to 1.65 million b/d, have decided to increase quotas by 137,000 barrels per day in December, as stated in an OPEC press release. ‘After December, due to seasonality, the eight countries also decided to pause production growth in January, February, and March 2026,’ the statement read.

Participants confirmed that the 1.65 million b/d could be partially or fully restored depending on changing market conditions gradually. The next meeting of the eight countries is set for November 30, 2025.

‘The countries will continue to carefully monitor and assess market conditions, reaffirming the importance of taking a cautious approach and maintaining full flexibility to continue the suspension or cancellation of additional voluntary production adjustments, including the previously implemented 2.2 million b/d voluntary adjustments announced in November 2023,’ the press release stated. The 2.2 million b/d constraints were swiftly reintroduced to the market throughout 2025, from April to September.

The agreement participants confirmed that the decision would allow participating countries to expedite the payment of compensation for previously undersupplied volumes. The eight countries reaffirmed their collective commitment to fulfilling the agreement and their intention to fully compensate previously undersupplied production volumes. Meetings will be held monthly.

As reported, the eight OPEC+ countries (Algeria, Kuwait, Iraq, UAE, Saudi Arabia, Kazakhstan, Oman, and Russia), voluntarily cutting oil production in addition to the alliance’s total quotas, had two packages of restrictions – at 2.2 million b/d and 1.65 million b/d. The latter package of restrictions initially was set to last until the end of 2026, but in September, after the 2.2 million b/d restrictions were swiftly reintroduced to the market, the ‘volunteers’ began to rapidly return the 1.65 million b/d restrictions: in October, November, and now in December – by 137,000 b/d each month.