OPEC+ countries agreed to maintain group-wide oil output quotas for 2026 in a meeting on Sunday, and also agreed on a mechanism to assess members’ maximum oil production capacity, OPEC said in a statement.
Eight OPEC+ countries, holding a separate meeting on Sunday, also have an agreement in principle to maintain a pause in their output hikes for the first quarter of 2026, an OPEC+ source and a person familiar with OPEC+ talks said earlier.
The meeting of OPEC+, which pumps half of the world’s oil, comes during a fresh U.S. effort to broker a Russia-Ukraine peace deal, which could add to oil supply if sanctions on Russia are eased. Ministers have started a series of online meetings, two sources said.
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.
