OPEC+ Poised to Hold Steady Amid Supply Glut Concerns

OPEC+ is expected to maintain current oil output levels amid fears of a supply glut. As the group meets, they will also discuss future production quotas. The backdrop includes potential impacts from a U.S.-brokered Russia-Ukraine peace deal, affecting Russian oil supply depending on sanction outcomes.

In a strategic move, OPEC+ is anticipated to keep oil production steady during its upcoming meeting, according to sources. The decision comes as fears of oversupply loom large, influencing the group's cautious stance.

The meeting takes place amid renewed U.S. diplomatic efforts to mediate peace between Russia and Ukraine, a development that could significantly impact global oil supply dynamics. Sanctions on Russia might be reconsidered if a peace agreement is reached, but failure could intensify existing supply constraints.

This Sunday, OPEC+ is also set to address long-standing discussions on production quotas, particularly as countries like the UAE push for higher limits reflecting their expanded capacities, while others resist changes due to declining production.

(With inputs from agencies.)