OPEC+ to halt oil output hikes in Q1 2026 over demand slowdown

OPEC+ to halt oil output hikes in Q1 2026 over demand slowdown

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) says it will pause its oil output increases during the first quarter (Q1) of 2026 after a modest hike in December.

According to a statement, key OPEC+ members — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting on Sunday.

The group agreed to boost output by 137,000 barrels per day (bpd) in December — in line with the hikes planned for October and November — before suspending any further increases from January through March next year.