Eight leading oil-producing nations within the Organization of the Petroleum Exporting Countries (OPEC) and its partners will pause production increases in the first quarter of 2026, according to a statement released on November 2.

The countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman— held an online meeting to discuss the global oil market outlook.

The group said it will maintain a planned increase of 137,000 barrels per day in December 2025, describing the move as a partial reversal of previous voluntary production cuts. It cited relatively stable global economic expectations and low oil inventory levels as key factors behind the decision.

To ensure market stability, the eight nations said they would remain flexible in adjusting production based on market conditions, but due to seasonal factors, they will suspend further output hikes in January, February, and March 2026, keeping production at December 2025 levels.