OPEC+ Keeps Oil Output Steady Amid Geopolitical Tensions

OPEC+ decided to maintain oil output levels unchanged for the first quarter of 2026 amid concerns over a potential supply glut. The decision comes amid fresh U.S. efforts to broker peace between Russia and Ukraine. The group's decision aligns with a focus on stability in an uncertain market.

OPEC+ has opted to keep its oil production levels unchanged for the first quarter of 2026, marking a pause amid concerns about a potential oversupply in the market. This resolution comes at a time when U.S. diplomatic efforts aim to mediate a peace agreement between Russia and Ukraine, potentially impacting oil supply dynamics.

The group's decision to maintain stability instead of aiming for market share growth signifies a strategic choice in light of a diminishing market outlook. Brent crude futures recently fell to around $63 per barrel, reflecting a 15% decrease over the year.

Sunday's meeting confirmed that OPEC+ will continue with a significant portion of its existing output cuts, which currently account for approximately 3% of global demand. The organization also addressed the ongoing challenge of establishing production baselines for future quotas, given the varied capacities among its members.

(With inputs from agencies.)