Eight OPEC+ countries, including Russia and Saudi Arabia, will decide on their December oil production plan at an online meeting in the coming days, these countries have before now since April, 2025 incrementally pushed up their production with a 137,000 barrels per day increase in October.
Also in the news this week, OPEC has revised its forecast for non-OPEC+ crude oil production growth upward for 2025, expecting average production to reach 54.15 million barrels per day, while also expecting global oil demand to reach 105.14 million barrels per day in 2025, with growth of 1.3 million barrels per day.
Venezuela on the other hand is reported to likely retain its OPEC membership despite US pressure, with the country’s oil production expected to increase under a stable government, elsewhere in far east europe, Russia’s oil production edged up in November to 9.367 million barrels per day, below its OPEC+ quota with other reports in the week that OPEC+ has decided to pause oil production increases for the first three months of 2026, citing seasonal fluctuations in demand.
