Vienna, Austria – OPEC+ announced on Sunday that it will maintain its group-wide oil output quotas for 2026, while also approving a new mechanism to assess members’ maximum production capacity. The decision aims to streamline how quotas will be set in future years, starting from 2027, according to a statement from the Organization of the Petroleum Exporting Countries (OPEC).

In a separate meeting, eight OPEC+ countries reached an agreement in principle to continue the pause in output hikes for the first quarter of 2026. This pause follows the group’s release of roughly 2.9 million barrels per day (bpd) into the market since April 2025, part of measures to stabilize global oil supply.

The OPEC+ alliance, which accounts for about half of global oil production, convened amid renewed U.S. efforts to broker a Russia-Ukraine peace deal. Analysts note that a successful deal could add to oil supply if sanctions on Russia are eased, whereas failure could lead to further restrictions on Russian exports.

Currently, OPEC+ still has approximately 3.24 million bpd of output cuts in place, equivalent to roughly 3% of global demand. The Sunday meeting did not change these existing reductions.

The new mechanism to assess production capacity addresses a longstanding issue within OPEC+. While some members, such as the United Arab Emirates, have expanded their capacity and seek higher quotas, others—particularly African nations—have seen declines and are resisting further cuts. Angola, for example, left the group in 2024 due to disagreements over its production quotas.

Brent crude closed near $63 per barrel on Friday, down roughly 15% year-to-date, reflecting both market volatility and uncertainties surrounding global energy supply.