Eight OPEC+ producers — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — will adjust their oil production by a combined 137,000 barrels per day in December, citing “healthy market fundamentals” and steady economic growth.
The move, decided at a virtual meeting on 2 November, comes from the group’s existing 1.65 million b/d voluntary cuts announced in April 2023.
The producers will pause output increases through the first quarter of 2026 and said they remain ready to reverse or reinstate cuts as needed to maintain market balance.
