OPEC+ holds 2026 group-wide oil output steady, agrees capacity mechanism

By Ahmad Ghaddar, Alex Lawler and Olesya Astakhova

LONDON/MOSCOW, Nov 30 (Reuters) - OPEC+ countries agreed to support group-wide lipid ​output quotas for 2026 successful a gathering connected Sunday, and besides agreed ‌on a mechanics to measure members' maximum lipid accumulation capacity, OPEC said successful a statement.

Eight OPEC+ countries,‌ holding a abstracted gathering connected Sunday, besides person an statement successful rule to support a intermission successful their output hikes for the archetypal 4th of 2026, an OPEC+ root and a idiosyncratic acquainted with OPEC+ talks said earlier.

The gathering of OPEC+, which pumps fractional ⁠of the world's oil, ‌comes during a caller U.S. effort to broker a Russia-Ukraine bid deal, which could adhd to lipid proviso if sanctions connected ‍Russia are eased. Ministers person started a bid of online meetings, 2 sources said.

If the bid woody fails, Russia could spot its proviso curbed further by sanctions. OPEC+ groups the Organization ​of the Petroleum Exporting Countries and allies led by Russia.

OVER 3 MLN BPD OF OUTPUT ‌CUTS STILL IN PLACE

Brent crude closed connected Friday adjacent $63 a barrel, down 15% this year.

OPEC+ has paused lipid output hikes for the archetypal 4th of 2026 aft releasing immoderate 2.9 cardinal barrels per time into the marketplace since April 2025.

The radical inactive has astir 3.24 cardinal bpd of output cuts successful place, representing astir 3% of ⁠global demand, and the Sunday gathering did not ​alter those.

OPEC said the radical had approved a mechanics ​to measure members' maximum accumulation capableness to beryllium utilized for mounting output quotas from 2027.

OPEC+ has been discussing the contented for years and it has ‍proved hard due to the fact that immoderate ⁠members specified arsenic the United Arab Emirates person accrued capableness and privation higher quotas.

Other members specified arsenic African countries person seen declines successful accumulation capableness but are resisting ⁠quota cuts. Angola discontinue the radical successful 2024 implicit a disagreement astir its accumulation quotas.

(Reporting by ‌Ahmad Ghaddar, Alex Lawler and Olesya Astakhova; Writing by Dmitry Zhdannikov;‌ Editing by Kirsten Donovan and David Holmes)