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Vienna: Eight countries from the the OPEC+ alliance agreed Sunday to increase their oil production quotas for next December, while also announcing that they will not increase quotas in the first quarter of 2026.
The eight countries, namely Saudi Arabia; Russia; Iraq; UAE; Kuwait; Kazakhstan; Algeria; and Oman, explained that they will increase production by 137,000 barrels per day, compared to the required production level in November, as a result of the stable outlook for the global economy and current positive market fundamentals, as evidenced by the decline in oil inventories.
These countries decided, due to seasonal factors, to suspend monthly production increases in January, February, and March of next year.
They indicated that this measure will provide an opportunity for participating countries to accelerate the compensation process, reaffirming their commitment to the Declaration of Cooperation, including additional voluntary adjustments, compliance with which will be monitored. Joint Ministerial Oversight Committee.
