Yesterday, January 4, OPEC+ members met to discuss the main problem – low oil prices, which fell more than 18% in 2025. It was the biggest drop since 2020, driven by fears of a growing oversupply, Reuters notes.
In fall 2025, the same countries agreed to increase oil production by 137,000 bpd from November. Representations of the countries also confirmed the intention to fully offset any overproduction from January 2024.
According to Reuters, the organization’s key country, Saudi Arabia, is trying to push for a significant increase in production, to 274,000, 411,000 or 548,000 bpd, as the country has the ability to quickly ramp up production and wants to increase its market share. Russia proposes to take this step on a more modest scale: to increase production by 137,000 bpd to prevent pressure on oil prices and because it will find it difficult to increase production due to sanctions.
As a result, OPEC+ decided to keep a pause in oil production increases until the end of the first quarter of 2026.
