Sources say that OPEC+ will maintain its oil production policy on Sunday.

Three delegates said that OPEC+ will likely leave the oil production levels for the first three months of 2026 unchanged when it meets on Sunday. This would moderate the push to regain the market share amid fears about a looming glut of supply.

Oil prices are under pressure due to the prospect of a peace agreement between Russia and Ukraine. Brent crude oil closed Friday at $63 per barrel, down 15% for the year. The three delegates stated that eight OPEC+ nations are likely to maintain their policy of halting oil production increases in the first quarter 2026, as they have done so this week. The pause was agreed at their November meeting.

OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia and comprising about half of the world's crude oil, has been discussing production capacity figures for years, against which the members' targets are set.

Sources told this week that the entire OPEC+ group will meet separately on Sunday to decide on a method to determine members' maximum production capacities. OPEC stated in May that this assessment of capacity would be used to establish the output baselines for 2027.

A series of online meeting is set to start at 1300 GMT Sunday. Other sources have said that OPEC+ Ministers will not be expected to make any changes to the group's production targets for 2026.

OPEC+ cut supplies for many years, until the eight members started to increase production in April to regain market share. The cutbacks peaked in march, when they reached 5.85 million barrels a day. This is almost 6% of the world's total production.

Saudi Arabia, Russia and the UAE have all increased their output targets from April to December. Reporting by Ahmad Ghaddar and Olesya Astakhova, writing by Alex Lawler. Editing by Alexander Smith.

(source: Reuters)