OPEC+ set to hold oil output policy steady

OPEC+ will likely leave oil output levels unchanged at its meetings on Sunday, four OPEC+ sources said as the group slows down its push to regain market share amid fears of a looming supply glut.

The meeting of OPEC+, which pumps half of the world's oil, comes during a fresh US effort to broker a Russia-Ukraine peace deal, which could add to oil supply if sanctions on Russia are eased.

If the peace deal fails, Russia could see its supply curbed further by sanctions. OPEC+ groups the Organization of the Petroleum Exporting Countries and allies led by Russia.

Brent crude LCOc1 closed on Friday near $63 a barrel, down 15 per cent this year.

OPEC+ has paused oil output hikes for the first quarter of 2026 after releasing some 2.9 million barrels per day into the market since April 2025.

The group still has about 3.24 million bpd of output cuts in place, representing around 3 per cent of global demand, and the Sunday meeting is unlikely to alter those, sources said this week.

The group will instead focus on debating how to assess members' maximum production capacity to be used for setting output quotas from 2027 and beyond, sources said.

OPEC+ has been discussing the issue for years and it has proved difficult because some members such as the United Arab Emirates have increased capacity and want higher quotas.

Other members such as African countries have seen declines in production capacity but are resisting quota cuts. Angola quit the group in 2024 over a disagreement about its production quotas.