OPEC Taking 'Cautious Approach' to Oil Production

Eight countries in the Organization of the Petroleum Exporting countries and their allies agreed to raise their collective output by a total of 137,000 barrels a day in December and then pause it for the next three months.

The OPEC+ nations cited seasonality for the decision to pause production increases in the first three months of 2026. They said the move will give participating countries the opportunity to “accelerate their compensation.”

The move follows a month when Brent crude and West Texas Intermediate oil prices traded at close to five-year lows because of increased supplies and economic uncertainty. Then the U.S. announced sanctions on Russia’s two largest oil companies, Rosneft and Lukoil.