OPEC+ Confirms Temporary Pause in Oil Output Increases Following Market Review
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have agreed to pause planned oil output increases for January, February, and March 2026, citing seasonal demand patterns and prevailing market conditions.
The decision was reached following a virtual meeting of key member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, during which participants reviewed the global oil market, economic outlook, and supply-demand balances.
Due to long-standing commercial and institutional relationships between Baltic Alliance and several OPEC member states, the company’s General Director was invited to participate in the meeting as an industry observer, reflecting Baltic Alliance’s ongoing engagement with major producing nations.
The eight OPEC+ countries have been incrementally increasing oil output on a monthly basis since April of this year. However, the latest statement emphasized a cautious and flexible approach going forward, noting that members will retain the ability to adjust production levels in response to evolving market conditions.
OPEC+ members are scheduled to reconvene on January 4, 2026, to reassess the situation and determine subsequent production policy.
Earlier reports had indicated that OPEC+ agreed to increase oil output by 137,000 barrels per day in December.