OPEC+ maintains production cuts, signals stability through 2026
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OPEC+ has decided to keep official production quotas unchanged and confirmed its 2 million barrels-per-day (bpd) output cut through the end of 2026, as agreed last December. This comes despite eight member countries—led by Saudi Arabia and Russia—informally adjusting their individual quotas starting in June.
The move follows a sharp drop in oil prices, recently falling below $60 per barrel on demand concerns and shifting producer policies. Following the announcement, Brent crude rebounded 1.42% to $65.84, while WTI rose 1.52% to $62.79.
The eight-member group—including Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the UAE—also reaffirmed a combined 1.66 million bpd cut through 2025. These members had previously begun phasing out a separate voluntary cut of 2.2 million bpd announced in March.
Between April and June, they plan to gradually restore around 1 million bpd, with a potential further output increase of 411,000 bpd in July, pending an informal meeting this weekend.
The full OPEC+ alliance will reconvene on November 30. In the meantime, the OPEC Secretariat has been tasked with assessing each member’s sustainable production capacity to define 2027 reference levels for future quotas.
The move follows a sharp drop in oil prices, recently falling below $60 per barrel on demand concerns and shifting producer policies. Following the announcement, Brent crude rebounded 1.42% to $65.84, while WTI rose 1.52% to $62.79.
The eight-member group—including Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the UAE—also reaffirmed a combined 1.66 million bpd cut through 2025. These members had previously begun phasing out a separate voluntary cut of 2.2 million bpd announced in March.
Between April and June, they plan to gradually restore around 1 million bpd, with a potential further output increase of 411,000 bpd in July, pending an informal meeting this weekend.
The full OPEC+ alliance will reconvene on November 30. In the meantime, the OPEC Secretariat has been tasked with assessing each member’s sustainable production capacity to define 2027 reference levels for future quotas.