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OPEC+ makes shift to mitigate potential crude oil glut
OPEC+ raises production modestly then pauses output hikes into early 2026 to avoid oil-market surplus.
OPEC+ has decided to raise crude-oil production by just 137,000 barrels per day for December and then pause any further hikes through Q1 2026. The modest increase follows cumulative gains of nearly 2.9 million bpd since April. The decision reflects concern about a potential supply surplus at a time when demand growth forecasts diverge sharply — the International Energy Agency projects only about 700,000 bpd of demand growth while OPEC+ estimates 1.38 million. The move is partly aimed at defending oil-prices amid lower Asian consumption and sanctions on Russian producers.