Four OPEC+ sources stated that the organization will probably leave oil output levels constant at its meetings on Sunday as it slows down its efforts to reclaim market share due to concerns about an impending supply glut.
The meeting of OPEC+, which supplies half of the world's oil, coincides with a new U.S. attempt to mediate a peace agreement between Russia and Ukraine, which might increase oil production if sanctions against Russia are lifted.
Sanctions might further restrict Russia's supplies if the peace agreement fails. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, make up OPEC+.
Friday's closing price of Brent crude was close to $63 per barrel, down 15% so far this year. After releasing almost 2.9 million barrels of oil per day into the market since April 2025, OPEC+ has halted increases in oil output for the first quarter of 2026.
According to sources this week, the Sunday meeting is unlikely to change the group's current output cutbacks of 3.24 million bpd, which account for approximately 3% of world demand.
According to reports, the group will instead concentrate on discussing how to determine members maximum production capability, which would be used to set output quotas starting in 2027.
OPEC+ has been debating the matter for years, but it has been challenging because certain members, like the United Arab Emirates, have more capacity and seek bigger quotas.
Although their production capacity has decreased, other members, like those in Africa, are opposing quota reductions. Due to a dispute over its output limits, Angola left the organization in 2024 The scheduled start time of the sessions is 13:00 GMT.
