OPEC+ Agrees 137,000 bpd December Increase; Pauses Q1 2026

OPEC+ agreed to raise production by about 137,000 barrels per day in December, matching the small increases already implemented in October and November. The decision was taken by eight key OPEC+ members led by Saudi Arabia and Russia during a virtual meeting. The group said it will pause further production increases from January through March 2026, citing seasonal weakness and softer first‑quarter demand, while retaining “full flexibility” to adjust policy. Officials described the modest December rise as part of a months‑long unwinding of 2023 cuts while keeping larger group cuts in place through 2026. Analysts said the move balances defending market share and avoiding oversupply, and noted that recent U.S. sanctions on major Russian oil companies and other geopolitical tensions have added volatility and complicated the price outlook.