By Ahmad Ghaddar, Alex Lawler and Olesya Astakhova
LONDON/MOSCOW, Nov 30 (Reuters) – OPEC+ international locations agreed to take care of group-wide oil output quotas for 2026 in a gathering on Sunday, and in addition agreed on a mechanism to evaluate members’ most oil manufacturing capability, OPEC mentioned in a press release.
Eight OPEC+ international locations, holding a separate assembly on Sunday, even have an settlement in precept to take care of a pause of their output hikes for the primary quarter of 2026, an OPEC+ supply and an individual acquainted with OPEC+ talks mentioned earlier.
The assembly of OPEC+, which pumps half of the world’s oil, comes throughout a contemporary U.S. effort to dealer a Russia-Ukraine peace deal, which might add to grease provide if sanctions on Russia are eased. Ministers have began a sequence of on-line conferences, two sources mentioned.
If the peace deal fails, Russia might see its provide curbed additional by sanctions. OPEC+ teams the Group of the Petroleum Exporting Nations and allies led by Russia.
OVER 3 MLN BPD OF OUTPUT CUTS STILL IN PLACE
Brent crude closed on Friday close to $63 a barrel, down 15% this yr.
OPEC+ has paused oil output hikes for the primary quarter of 2026 after releasing some 2.9 million barrels per day into the market since April 2025.
The group nonetheless has about 3.24 million bpd of output cuts in place, representing round 3% of world demand, and the Sunday assembly didn’t alter these.
OPEC mentioned the group had accepted a mechanism to evaluate members’ most manufacturing capability for use for setting output quotas from 2027.
OPEC+ has been discussing the problem for years and it has proved troublesome as a result of some members such because the United Arab Emirates have elevated capability and need greater quotas.
Different members reminiscent of African international locations have seen declines in manufacturing capability however are resisting quota cuts. Angola give up the group in 2024 over a disagreement about its manufacturing quotas.
(Reporting by Ahmad Ghaddar, Alex Lawler and Olesya Astakhova; Writing by Dmitry Zhdannikov; Enhancing by Kirsten Donovan and David Holmes)
