OPEC+ agrees to maintain pause in oil output hikes

OPEC+ AGREED TO leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid fears of a looming supply glut.

- REUTERS

The meeting of OPEC+, which pumps half of the world’s oil, comes during a fresh US effort to broker a peace deal between Russia and Ukraine, 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 closed on Friday near $63 a barrel, down 15% this year.