OPEC+ Delays Oil Output Hike by Three Months, Extends 3.65 Million Bpd Cuts Until 2026

Dec 5, 2024, 12:00 PM

OPEC+ has agreed to delay its planned oil output increase by three months until April, keeping production levels unchanged for the first quarter of next year. The group aims to manage oil prices amid a looming surplus and will gradually unwind its existing cuts from April until September 2026. The compensation period for overproducing countries has been extended until the end of June 2026. Additionally, the assessment period by independent sources has been extended to November 2026 to guide 2027 production levels. The collective group cut of 2 million barrels per day has been extended until the end of 2026. OPEC+ also confirmed the extension of overall oil output cuts of 3.65 million barrels per day until the end of 2026. The United Arab Emirates (UAE) will begin increasing its oil output from April 2025, with a required production increase of 300,000 barrels per day phased in gradually until September 2026.