Overview
- OPEC+ reaffirmed group-wide production levels through December 31, 2026, leaving about 3.24 million barrels per day of cuts in place after restoring roughly 2.9 million bpd since April.
- Members approved a Maximum Sustainable Capacity assessment to set 2027 baselines, with audits running mainly from January to September 2026 and DeGolyer & MacNaughton handling most reviews, while sanctioned producers use alternative arrangements.
- A core group of eight producers reconfirmed a pause on further output increases for January–March 2026, with that subset scheduled to meet again on January 4.
- Oversight was strengthened as the Joint Ministerial Monitoring Committee was mandated to meet every two months to track market conditions, conformity and compensation, with authority for additional sessions.
- Oil prices edged higher near $63 Brent and $59 WTI as traders weighed the OPEC+ stance alongside supply risks from Ukrainian strikes on the CPC Black Sea terminal and rising U.S.–Venezuela tensions.