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Eight OPEC+ countries on Sunday agreed to raise oil output in December by 137,000 barrels per day and then to pause the output hikes for the first quarter of 2026, OPEC+ said in a statement.
OPEC+ has raised output targets by more than 2.7 million barrels per day – about 2.5% of global supply – since April, but slowed the pace in October and November from larger increases amid predictions of a looming oversupply.
New Western sanctions on OPEC+ member Russia are adding to challenges in the discussions, as Moscow may struggle to further raise output after the U.S. and Britain imposed new measures on top producers Rosneft and Lukoil.
The eight OPEC+ members are – Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Oman, Kazakhstan and Algeria.
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