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OPEC+ Set to Hold Output Steady Amid Supply Glut Fears
30 Nov
Summary
- OPEC+ likely to maintain current oil output levels at upcoming meeting.
- Group prioritizes debate on future production capacity assessment for quotas.
- Brent crude prices have fallen 15% this year, nearing $63 per barrel.
OPEC+ is anticipated to maintain its current oil output levels during its upcoming meeting on Sunday. This decision reflects a slower approach to regaining market share, driven by concerns over a potential future supply glut. The group has paused output increases for the first quarter of 2026, following the release of approximately 2.9 million barrels per day since April 2025.
The primary focus of the Sunday meeting is expected to shift towards discussions on how to assess members' maximum production capacities. These assessments will be crucial for establishing output quotas from 2027 onwards, a complex issue that has been debated for years due to differing national capacities and ambitions.
This strategic pause occurs amidst evolving global dynamics, including renewed U.S. efforts to broker a Russia-Ukraine peace deal, which could potentially influence oil supply if sanctions on Russia are eased. However, failure of such a deal could lead to further supply curbs on Russian oil.
