Baghdad: OPEC+ countries have decided to increase oil production in December by 137,000 barrels per day compared to November levels. In a statement issued today, Sunday, the countries indicated that they will suspend production increases from January to March 2026.

According to National Iraqi News Agency, both Russia and Saudi Arabia will be able to increase their oil production by 41,000 barrels per day in December, with Russia producing 9.574 million barrels per day and Saudi Arabia 10.103 million barrels per day.

Iraq will increase its oil production by 18,000 barrels per day to 4.273 million barrels, the UAE by 12,000 barrels to 3.411 million barrels, Kuwait by 10,000 barrels to 2.58 million barrels, and Kazakhstan by 7,000 barrels to 1.569 million barrels per day. As for Algeria and Oman, each is set to increase its production by 4,000 barrels per day, bringing its total output to 971,000 and 811,000 barrels per day, respectively.

It should be noted that this plan does not take into account the compen
sation for overproduction by some countries, which was agreed upon earlier and stipulates production cuts. The eight countries mentioned, which are members of the OPEC+ group, agreed on the plan to increase oil production during their virtual meeting on Sunday.

The group’s next meeting is scheduled for November 30.