ASTANA — The eight OPEC+ countries, namely Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates, agreed to increase output by 137,000 barrels per day from the 1.65 million barrels per day in additional voluntary cuts announced in April 2023, following a virtual meeting on Nov. 2. The adjustment will take effect in December.
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Kazakhstan’s production increase for December is set at 7,000 barrels per day, unchanged from November.
Beyond December, the eight countries agreed to pause production increases in January, February, and March 2026 due to seasonal factors, OPEC reported.
The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full, subject to evolving market conditions and in a gradual manner. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The group will continue to hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for Nov. 30.
According to Reuters, U.S. sanctions on major Russian producers such as Rosneft and Lukoil have added a new layer of uncertainty to global supply forecasts, and analysts note that OPEC+ is aware that overproduction now could hurt the group in the future.
