OPEC+ Extends Oil Production Cuts Through 2026
OPEC+ members, including Saudi Arabia, Russia, and Kazakhstan, agreed on Dec. 5 to maintain crude oil production cuts until the end of 2026 to stabilize markets. This decision follows the 38th OPEC and non-OPEC Ministerial Meeting.
The group will continue voluntary cuts of 2.2 million barrels per day until March 2025, with gradual monthly adjustments until September 2026. These changes aim to ensure market stability, with flexibility to pause or reverse increases based on market conditions.
“The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.
The compensation period for overproduction is extended to June 2026.
Photo credit: oilprice.com.
