OPEC+ extends oil cuts deal to 2026

Shafaq News – Baghdad

On Sunday, the Organization of the Petroleum Exporting Countries (OPEC+) approved a final 137,000-barrel-per-day (bpd) increase for December before freezing all output adjustments through the first quarter of 2026.

In a statement, Iraq’s Oil Ministry said the alliance also agreed to maintain current production targets until December 31, 2026, and to keep the Joint Ministerial Monitoring Committee in place to review market conditions and output levels.

In a separate session, the eight states carrying additional voluntary cuts—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—reaffirmed their existing output levels.

Those eight producers had introduced 1.65 million bpd in voluntary cuts in April 2023, followed by 2.2 million bpd more that November. They began easing the reductions in October 2025 through monthly 137,000-bpd increases, with December marking the third step in that process.

The group retains the option to pause, continue, or reverse the unwinding depending on market conditions.

OPEC+, which supplies about 40 percent of the world’s crude, continues to hold combined cuts of roughly 3.66 million bpd. The bloc’s current output stands at 39.725 million bpd, according to its Secretariat.

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