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2w ago

OPEC+ Poised to Hold Output Steady in Early 2026, Set to Approve Capacity Audit

Delegates describe a straightforward session focused on formalizing a production‑capacity review.

The Organization of the Petroleum Exporting Countries and allied nations (OPEC+) are expected to keep current output levels unchanged
Saudi Arabia and Russia were among key members of the OPEC+ group of oil producers who surprised markets earlier this year by hiking production
FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen inside its headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo/File Photo
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Overview

  • Ministers on Sunday are expected to ratify the previously agreed pause in production increases for the first quarter of 2026, according to delegates.
  • The full alliance is slated to adopt a mechanism to measure each member’s maximum sustainable capacity, laying groundwork for 2027 baselines.
  • Four online meetings are scheduled in sequence: OPEC ministers, the JMMC, the full OPEC+ session, and a separate meeting of the eight members handling monthly adjustments.
  • Since April, Saudi Arabia, Russia and six partners have restored about 2.9 million barrels per day, with Brent around $63 as signs of rising inventories weigh on prices.
  • The IEA warns stocks could swell by up to 5 million barrels per day in early 2026, while OPEC’s Haitham al Ghais disputes surplus talk and President Donald Trump’s push for a Ukraine peace deal could eventually influence Russian supply.