8 OPEC+ Members to Raise Oil Output by 137,000 bpd

8 OPEC+ Members to Raise Oil Output by 137,000 bpd

The eight members of the OPEC+ group agreed to raise oil production by 137,000 barrels per day (bpd) in December, while pausing further increases from January to March 2026 due to seasonality, according to an OPEC statement on Sunday.

The group, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on Sunday to review global oil market conditions and the outlook.

The 137,000-bpd output increase, representing a partial and gradual return of the 1.65 million bpd additional voluntary cuts announced in April 2023, was made in light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories.

The countries also reaffirmed their commitment to closely monitor market developments and maintain full flexibility to pause or reverse the adjustments, including the 2.2 million bpd voluntary cuts announced in November 2023.

At their previous meeting on Oct. 5, the eight producers had decided to raise output by the same amount of 137,000 bpd for November.

The next meeting of the eight-member OPEC+ group is scheduled for Nov. 30. OPEC+ production cuts had reached 5.85 million bpd in March, equivalent to around 5.7% of global demand.

These cuts reflect cumulative measures announced by member countries since late 2022, including the 2 million bpd reduction in October 2022, the 1.65 million bpd voluntary cut by eight members in April 2023, and the 2.2 million bpd additional voluntary reduction in November 2023.

Member countries fully returned the 2.2 million bpd cut by the end of September and began a gradual rollback of the 1.65 million bpd cut in October. #8 OPEC+ Members to Raise Output by 137,000 bpd. #8 OPEC+ Members to Raise Oil Output by 137,000 bpd#

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