According to an announcement issued by OPEC+ this Sunday, January 4, the oil alliance led by Saudi Arabia and Russia will maintain a stable crude oil supply at least until April.

The group of oil-producing countries announced the measure without indicating they will take any precautions regarding potential market turbulence following the US military intervention in Venezuela.

The energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman announced the measure in a teleconference on Sunday, according to a statement published on the website of the Vienna-based Organization of the Petroleum Exporting Countries (OPEC).

The announcement comes in reference to the voluntary production cuts agreed upon in 2023, and in April 2025, these countries “began to gradually reverse those reductions with monthly increases that represented a strategic shift to recover lost market share.”

The group of eight countries still needs to complete a little over one million barrels per day to dismantling the voluntarily cut volumes (one of 2.2 million barrels per day and another of 1.65 million barrels per day), but in November decided to pause monthly increases during the first quarter of 2026, a measure that the ministers reaffirmed on Sunday.

M.Pino

Source: intereconomia

(Reference image source: Delfino Barboza on Unsplash)

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OPEC+, the alliance led by Russia and Saudi Arabia, announced last week the decision to postpone the deadline to increase its crude oil supply until April 1, 2025.

As will be recalled, in 2023, the eight countries that make up OPEC+ agreed to a reduction in oil pumping, following in the footsteps of OPEC, which had already announced this measure in a statement.

The reference is to a total of 2.2 million barrels per day (mbd) that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman “withdrew from the market a year ago and wanted to gradually resume production starting January 1.”

Now, crude oil producers will extend the cuts until the end of March next year and then eliminate them. However, there could be a further extension of the deadline if oil ministers consider that the market is not ready to absorb more barrels.

At the meeting held last Thursday, December 5, the OPEC+ ministerial conference “agreed to extend for one more year, until the end of 2026, the rest of the cuts agreed by 19 of the 22 member countries of the alliance, which total 3.66 mbd.”

The total joint production quota of the 19 countries will remain at 39.725 mbd until December 31, 2026. The exceptions to this commitment are Venezuela, Iran and Libya “due to the involuntary limitations of their oil activity that they face as a result of various causes, such as sanctions or armed conflicts.”

The next OPEC+ ministerial conference has been called for May 28, 2025, when new announcements will be made.

M.Pino

Source: elperiodicodelaenergia

(Reference image source: Christian Harb on Unsplash)

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