OPEC+ Raises Production for December, Halts Increase Until March 2026
Photo: ChatGPT AI Generated
In April 2023, OPEC+ countries agreed to cap daily oil production at 1.65 million barrels. On November 2, the alliance decided to temporarily raise output by 137,000 barrels per day in December, Orda.kz reports.
The increase will be short-lived — members confirmed they will suspend further production growth from January through March 2026 due to weak seasonal demand.
The participating nations — including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — emphasized that they could revert to the 1.65-million-barrel limit, either partially or in full, depending on market conditions.
"Eight OPEC+ countries have confirmed their intention to fully offset any excess production from January 2024," the organization said on its website.
The decision comes amid heightened pressure on Russia following new U.S. sanctions on two of its largest oil producers.
The next OPEC+ meeting is scheduled for November 30, 2025.
Earlier, Orda.kz reported that OPEC had demanded further oil output cuts from Kazakhstan.
Original Author: Oksana Matvienko
Latest news
- From Grain To AI: What Kazakhstan Brought To Afghanistan
- Helicopters Drop 39 Tons Of Water On Forest Fire In East Kazakhstan
- Kazakhstan Tightens Border Checks Despite Saying There Is No Fuel Shortage
- Kazakhstan Seeks Greek Investment In Energy And Transport
- Global Rating Agency Confirms Kazakhstan’s Investment-Grade Status
- Kazakh Company Sent $16 Million To China, Got No Goods And A Huge Fine
- Kazakh Parties Are Losing Focus With Overly Broad Programs, Expert Says
- Almaty Man Registered 990 People In One-Room Apartment And Received Sentence
- Montenegro President Makes First Official Visit To Kazakhstan
- Gas Prices In Kazakhstan To Rise From July 1
- Kazakhstan’s Oldest Gold Mining Company Resold For 8.7 Billion Tenge
- Kazakhstanis With Disabilities Can Check Building Accessibility Online
- Tokayev Praises Pakistan’s Role In Iran-U.S. Memorandum
- Kazakhstan Plans New Mountain Resort Town In The South
- Audit Finds Kazakhstan Used National Fund Money For Street Lighting And Village Clubs
- Electric Cars Still Make Up Just 0.5% Of Vehicles In Kazakhstan
- Apple Tops Foreign Tech Firms Paying Kazakhstan’s Digital VAT
- Kazakhstan To Receive Land In Iranian Port To Expand Trade Routes
- Kazakhstan Says It Will Not Allow An Influx Of Refugees
- Kazakhstan To Create Crypto Fund For Digital Assets Seized From Convicts
