Overview
- Ministers kept group-wide quotas unchanged for 2026 and reaffirmed a pause on further production hikes through January to March 2026.
- Members approved a maximum sustainable capacity assessment to guide 2027 baselines, a step aimed at resolving longstanding quota disputes.
- The Joint Ministerial Monitoring Committee will meet every two months and can call emergency sessions to track supply, demand and compliance.
- Since April 2025 the group has restored about 2.9 million barrels per day while roughly 3.24 million bpd of cuts remain in place as agencies warn of a potential large surplus next year.
- Oil rose about 1% to roughly $63 Brent and $59 WTI as traders weighed Ukrainian damage to the CPC Black Sea terminal—where one mooring has resumed loadings—and growing U.S.–Venezuela tensions.