Delegates report that OPEC+ is expected to formally ratify its existing plan to pause oil production increases in early 2026 during its online meeting this Sunday.
The gathering is anticipated to be straightforward, simply confirming the policy agreed upon earlier this month.
Saudi Arabia and its partners chose to pause their series of production hikes starting in the first quarter of 2026.
This decision comes in response to growing signs of a global supply surplus and the subsequent downward pressure on oil prices, with Brent crude futures currently trading near $63 a barrel in London.
This gathering takes place amidst significant market uncertainty,fueled by United States President Donald Trump’s efforts to broker a peace deal in Ukraine.
A resolution could potentially unlock substantial Russian oil supplies.
Meanwhile, OPEC+ continues to navigate the aftermath of its decision earlier this year to suddenly restart idled production, a strategic gambit that officials framed as a necessary move to reclaim their share of the global market.
With their production policy for the first quarter already decided,some OPEC+ officials have indicated that the key focus of Sunday’s talks will shift to a long-term review of member countries’ production capacities.
The alliance has scheduled four separate meetings for the day, including a dedicated video conference for the eight members involved in making monthly production adjustments.
