The OPEC+ eight agreed to raise the oil production cap in December.

      OPEC+ countries will increase the oil production quota in December by 137,000 barrels per day. The decision was agreed by the ministers of eight countries of the organization. According to the press service, after that "taking into account seasonal factors" OPEC+ will not increase volumes during the first quarter of 2026. "The eight participating countries confirmed that the cut of 1.6 million barrels per day may be returned partially or fully depending on changes in market conditions and gradually," the statement said. It noted the importance of "maintaining flexibility" on this issue, including the possibility of extending the pause on production or deepening the cut to 2.2 million barrels per day.

      The decision was made against the backdrop of volatile world oil prices. On October 20 oil prices hit a five-month low; new U.S. sanctions against Russian oil companies pushed prices above $66 per barrel. In addition, a drop in demand in China is noted due to new U.S. sanctions against Russia, one of OPEC+'s main members.

      Recall that earlier Bloomberg wrote that the figure was planned to be increased by 500,000 b/d over the next three months. However, the OPEC Secretariat on the social network X on September 30 said that such statements are inaccurate and misleading.

      More news about the event:

      Russia will be able to increase oil production in December by 41,000 barrels per day

      In December Russia will have the opportunity to boost oil production by 41,000 barrels per day — to a level of 9.574 million barrels per day. 21:14 02.11.2025 Tatar‑inform News Agency - Kazan

      The OPEC+ eight agreed on an increase in the oil production cap in December

      OPEC+ countries will increase the oil production quota in December by 137,000 barrels per day. 20:47 02.11.2025 Business Online - Kazan

      Related regional news on the topic:

      OPEC+: significant volumes of oil from the Russian Federation will not leave the market in the near future

      The Organization of the Petroleum Exporting Countries (OPEC+) does not expect that "black gold" from Russia will disappear from the energy market. 03:09 03.11.2025 Public News Service - Moscow

      TASS: Eight OPEC+ countries are discussing an increase in production for December

      Eight countries decided to adjust production by 137,000 barrels per day

      TASS: Eight OPEC+ countries are discussing an increase in production for December

      Photo: REUTERS. 09:50 03.11.2025 Komsomolskaya Pravda - Yuzhno‑Sakhalinsk

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