The OPEC+ alliance, which includes the main oil-exporting countries, has reached an agreement to increase oil production quotas starting from December of this year. Eight member countries of the alliance, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, plan to jointly increase output by 137,000 barrels per day.
According to the official statement, this decision is connected to favorable international market conditions and low levels of raw material reserves. OPEC+ members are acting based on the stable prospects of the global economy.
These countries control up to 50 percent of the world's oil production, which gives their decisions significant influence on the international stage. These measures are a continuation of a strategy that began in April of this year, aimed at gradually restoring production volumes.
This process began after significant reductions were implemented two years ago to stabilize energy prices. An important aspect of the new agreement is that, starting from January 2024, any excess production will be fully compensated.
The alliance members will continue monthly meetings to monitor compliance with agreements and analyze market conditions. At the same time, a decision was made to halt the increase in production during the period from January to March 2026.
This decision is traditionally linked to seasonal changes in demand observed in the first quarter. OPEC+'s cautious approach demonstrates their intention to respond flexibly and promptly to changes in market conditions.
