Urgent: OPEC Plus decides to increase production by 137 thousand barrels per day for the month of December
I decided Russia and six other members of the increased its shares of oil production for the month of December during an online meeting on Sunday, also announcing that it would not increase any shares in the first quarter of the year 2026.
The Organization of Petroleum Exporting Countries said (OPEC Plus Alliance After December, and due to seasonal factors, the eight countries decided to suspend monthly increases in production in January, February, and March of 2026 AD, as shown in the table below. The eight countries confirmed that the reduction amounts amounting to (1.65) million barrels per day may be restored partially or completely gradually, according to market variables, and the countries will continue to participate. Carefully monitor and evaluate market conditions. As part of their ongoing efforts to support market stability, the eight countries reaffirmed the importance of adopting a cautious approach and maintaining full flexibility to continue to halt or reverse additional voluntary production adjustments, including the previous voluntary production adjustments of 2.2 million barrels per day announced in November 2023. The eight member states of the Group also noted "OPEC Plus" Noting that this measure will provide an opportunity for the participating countries to accelerate the compensation process, the eight countries renewed their commitment to the Declaration of Cooperation, including additional voluntary amendments whose compliance will be monitored by the Joint Ministerial Oversight Committee. The countries confirmed their intention to compensate for the entire excess production quantities since January 2024 AD, and the eight countries will hold monthly meetings to follow up on market developments, the level of commitment, and the implementation of compensation plans, with the next meeting to be held on November 30, 2025 AD.Oil Production
