OPEC+ is likely to leave oil output levels for the first quarter of 2026 unchanged at its meetings on Sunday, Reuters reported, citing three delegates from the group.
The meeting of OPEC+, which pumps half of the world’s oil, comes as oil prices are also under pressure from the prospect of a Russia-Ukraine peace deal. Brent crude LCOc1 closed on Friday near $63 a barrel, down 15% this year.
On Sunday, eight OPEC+ countries are likely to keep their policy to pause oil output hikes in the first quarter of 2026 unchanged, the three delegates said, following similar comments from others this week. They agreed the pause at their last meeting earlier in November.
In a separate meeting on Sunday, the full OPEC+ group is expected to agree on a mechanism to assess members’ maximum production capacity, sources told Reuters this week. OPEC said in May this capacity assessment would be used as a reference for 2027 output baselines.
A series of online meetings is scheduled to begin at 1300 GMT on Sunday. OPEC+ ministers are also expected to not make any changes to group-wide production targets for 2026, other sources said this week.
