The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have decided to pause oil output increases in January, February and March 2026 due to seasonality, OPEC said in a statement on Sunday.

The decision followed a virtual meeting of member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, to review global market conditions and the economic outlook.

The eight OPEC+ countries have been raising oil output month by month since April this year.

The statement said the countries will adopt a cautious approach and maintain full flexibility to adjust their outputs as needed.

The countries are scheduled to meet again on Jan. 4, 2026 to make further decisions, according to the organization.