Archive · 30 Nov 2025
OPEC Likely to Keep Oil Output Steady
OPEC, which is a group of countries that produce a lot of the world's oil, is having a meeting on Sunday.
They are likely to decide to keep producing the same amount of oil for the first few months of 2026.
This is because they are worried about having too much oil in the market and the price of oil has been going down.
They are also talking about how much oil they can produce in the future.
Before, they were producing less oil, but now they are increasing it to get more of the market.
The price of oil is important because it affects how much people pay for things like gas.
OPEC is likely to leave oil output levels unchanged for the first quarter of 2026.
The meeting is scheduled to begin at 1300 GMT on Sunday.
Oil prices are under pressure due to the prospect of a Russia-Ukraine peace deal.
OPEC and its allies are discussing production capacity figures for 2027 output baselines.
OPEC had been curtailing supplies until April when they began to raise production to recover market share.
- Who
- OPEC and its allies led by Russia
- What
- OPEC is likely to leave oil output levels unchanged for the first quarter of 2026
- When
- The decision is expected to be made at the meeting on Sunday
- Where
- The meeting is scheduled to be held online
- Why
- To moderate a push to regain market share amid fears of a looming supply glut and pressure from the prospect of a Russia-Ukraine peace deal
- Organization
- OPEC (Organization of the Petroleum Exporting Countries) and allies led by Russia
- Meeting Time
- 1300 GMT on Sunday
- Oil Price
- Brent crude closed near $63 a barrel on Friday
- Output Targets
- Expected to remain unchanged for the first quarter of 2026
- Production Capacity
- OPEC is discussing production capacity figures for 2027 output baselines
- Previous Cuts
- Cuts peaked at 5.85 million barrels per day in March