MOSCOW, January 14. /TASS/. Eight OPEC+ countries implementing voluntary oil production cuts lowered their production by 203,000 barrels per day (bpd) instead of the target increase by 137,000 bpd, according to the report released by the Organization of Petroleum Exporting Countries (OPEC).

Eight OPEC+ countries were to ramp up oil production by 92,000 bpd in December against November to 33.025 mln bpd, taking into account surplus production compensations. Oil production in actual fact plunged by 203,000 bpd against November to 32.76 mln bpd. The slip from the target amounted therefore to 265,000 bpd.

In early November 2025, eight leading OPEC+ countries agreed upon the decision to suspend production growth due to the seasonal factor for the first quarter of 2026. Oil production quotas of countries in January - March 2026 are similar to quotas for December 2025. Quotas of oil production for the period are set as 9.574 mln bpd for Russia, 10.103 mln bpd for Saudi Arabia, 4.273 mln bpd for Iraq, 3.411 mln bpd for the UAE, 2.58 mln bpd for Kuwait, 1.569 mln bpd for Kazakhstan, 971,000 bpd for Algeria, and 811,000 bpd for Oman, not accounting compensations of oil overproduction.