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

Four OPEC+ sources have said that OPEC+ is likely to leave the oil production levels unchanged during its Sunday meetings. The group has slowed down its efforts to regain market shares amid fears of a looming glut.

The meeting of OPEC+ - which pumps half the world's crude oil - comes at a time when the United States is trying to broker a peace deal between Russia and Ukraine, which would increase oil supplies if sanctions against Russia were eased. Two sources confirmed that ministers are holding a series online meetings.

Sanctions could be imposed on Russia if the peace agreement fails. OPEC+ is a grouping of the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia.

Brent crude oil closed Friday at $63 per barrel, a 15% drop from last year. OPEC+ has paused its oil production increases for the first quarter 2026, after releasing 2.9 million barrels of crude per day to the market since April 20,25. Sources said that the group has around 3.24 million barrels per day of cuts in place. This represents about 3% of global demands. The Sunday meeting will not change this, they added. Sources said that the group would instead debate how to determine members' maximum capacity for setting output quotas beyond 2027.

OPEC+ has been debating the issue since years, but it has proven difficult because some members like the United Arab Emirates want higher quotas and have increased their capacity.

Some members, such as African nations, have experienced a decline in production capacity. However they are refusing to reduce their quotas. Angola left the group in 2024 due to a disagreement over its production quotas. (Reporting and writing by Ahmad Ghaddar; Alex Lawler, Olesya Astakhova, Alexander Smith, Kirsten Doovan).

(source: Reuters)