The OPEC+ alliance has approved its final monthly output increase of 137,000 barrels per day (bpd) for December, after which all production adjustments will be frozen through the first quarter of 2026, Iraq’s Oil Ministry announced on Sunday.
In its statement, the Ministry said OPEC+ also agreed to maintain current production targets until December 31, 2026, while keeping the Joint Ministerial Monitoring Committee (JMMC) in place to assess market developments and recommend actions if necessary.
In a separate meeting, the eight OPEC+ members implementing additional voluntary cuts—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—confirmed they will continue operating at their existing levels.
These eight producers first introduced 1.65 million bpd in voluntary reductions in April 2023, followed by another 2.2 million bpd in November of the same year. They began gradually easing those cuts in October 2025 through monthly 137,000-bpd increments. December represents the third phase of this controlled unwinding.
The alliance emphasized that it still retains the flexibility to pause, continue, or reverse the easing of cuts depending on market conditions, global demand, and price stability objectives.
OPEC+, which accounts for nearly 40% of global crude supply, continues to hold collective output cuts of approximately 3.66 million bpd. The group’s current total production stands at 39.725 million bpd, according to figures from the OPEC Secretariat.
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