Saudi Arabia and its OPEC+ allies have confirmed they will maintain their current oil output levels for the next three months.

The decision, finalized in meetings on Sunday, is a response to signs of a growing surplus and expectations of weaker seasonal demand, according to Bloomberg.

OPEC+ also approved a framework for reviewing each member’s production capacity, a sensitive process that will form the basis for their 2027 output quotas.

The group selected the Dallas-based consulting firm DeGolyer and MacNaughton to conduct the majority of these assessments.

This cautious pause signals a shift from the alliance’s rapid production increases earlier this year.

However, the current strategy still points to a significant market surplus in early 2026, which is expected to put further downward pressure on prices.

“OPEC+ opted to hold fire and maintain its current strategy,” said Jorge Leon, an analyst at consultant Rystad Energy AS. “The message from the group was clear: stability outweighs ambition at a time when the market outlook is deteriorating rapidly.”

Oil prices have fallen 15 per cent this year to around $63 a barrel in London, driven by a supply glut.

A combination of booming production from the Americas and earlier OPEC+ increases is now outpacing global demand growth.

This trend is expected to continue, with the International Energy Agency predicting a record surplus in 2026, and major banks like Goldman Sachs and JPMorgan forecasting further price declines.