Eight member states of the OPEC+ alliance have agreed to increase oil production in December by 137,000 barrels per day, while planning to suspend further increases in 2026.

This decision comes after a series of gradual increases since April, when OPEC+ raised production levels by over 2.7 million barrels per day. However, the pace of these increases has been slowed in recent months due to concerns about a possible surplus in the market. The discussions have been complicated by the Western sanctions imposed on Russia, affecting its ability to increase exports. Analysts had already anticipated this limited increase for December.

OPEC+ has reduced production for several years, and the common cap on cuts will remain in effect until the end of 2026.