The Organization of the Petroleum Exporting Countries (OPEC) agreed to a small increase in oil production in December this year. At the same time, the cartel suspended the increase in production quotas in the first quarter of next year.
Reuters has reported this with reference to the OPEC+ statement published yesterday, November 2.
According to the agency, Saudi Arabia, the aggressor country Russia, the United Arab Emirates, Iraq, Kuwait, Oman, Kazakhstan, and Algeria held a monthly meeting. At the meeting, they agreed to increase their December oil production targets by 137 thousand barrels per day.
The cartel has been increasing its production targets every month since April this year. In total, they increased by 2.9 million barrels per day. However, in October, it was decided to slow down the production rate due to forecasts of an impending oversupply.
In this regard, the organization decided to suspend the increase in targets.
"Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February, and March 2026," the cartel said.
As the Ukrainian News agency earlier reported, in August, the International Energy Agency (IEA) published a report in which predicted a record surplus of crude oil on world markets in 2026.
Recall that earlier the IEA suggested, that russia will be forced to restrain oil refining at least until mid-2026 due to the consequences of Ukraine's strikes on oil refining facilities.
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