OPEC+ Maintains Production Levels Amid Market Tensions

OPEC+ is expected to maintain oil output levels for Q1 2026, calming efforts to increase market share amid concerns of an oversupply. The group's decision aligns with ongoing discussions to set production targets based on assessed maximum capacities, without altering current 2026 output projections.

Amid concerns of a potential surplus in global oil supply, OPEC+ is likely to keep its oil production levels unchanged for the first quarter of 2026. Three delegates indicated this direction ahead of the group's meetings, set to transpire on Sunday.

OPEC+, which accounts for approximately half of the world's oil production, faces pressure on oil prices due to geopolitical developments, including a possible Russia-Ukraine peace accord. As of the previous Friday, Brent crude had closed near $63 a barrel, marking a 15% decline this year alone.

Additional OPEC+ discussions will focus on a mechanism for assessing members' production capacity, intended to serve as a benchmark for future output. Ministers from the eight primary exporting countries are not expected to alter their production targets through 2026.

(With inputs from agencies.)