MW OPEC+ to pause output hikes in first quarter to ease fears of glut, after one more boost in December

By Mike Murphy

Crude oil prices have slumped around 15% year to date amid a production boost by the OPEC+ countries.

The eight nations of OPEC+ announced Sunday they will pause oil-production hikes in the first quarter of 2026, following a modest increase in December, as part of an effort to avoid a glut of crude.

The group of major oil producers, led by Saudi Arabia, said Sunday they will boost output in December by 137,000 barrels a day, the same production boost announced for October and November. But they said they would "pause the production increments" from January to March, "due to seasonality." The first quarter generally shows weaker demand.

Also read: Growing U.S.-Venezuela tensions, new OPEC+ targets mark a crucial week for oil ahead

OPEC+ has been raising production levels since April, when it raised its output targets by 2.9 million barrels a day, in an effort to punish some countries for overproduction and to regain market share from U.S. shale drillers by lowering prices.

The unexpected pause came amid growing worries of a glut in crude oil in 2026, which could send prices crashing down to as low as $35 a barrel, some experts have warned.

U.S. benchmark West Texas Intermediate crude for December delivery (CLZ25) (CL.1) settled at $60.98 a barrel Friday on the New York Mercantile Exchange, while Brent crude's January contract (BRNF26), the global benchmark, settled at $64.77 a barrel on ICE Futures Europe. Oil futures have sunk around 15% year to date.

-Mike Murphy

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November 02, 2025 15:27 ET (20:27 GMT)

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