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

Core Points - OPEC+ countries have agreed to maintain oil output quotas for 2026 and established a mechanism to assess members' maximum oil production capacity [1][4] - Eight OPEC+ countries have reached an agreement to pause output hikes for the first quarter of 2026, coinciding with ongoing U.S. efforts for a Russia-Ukraine peace deal [2][3] - The group currently has over 3 million barrels per day (bpd) of output cuts in place, which represents approximately 3% of global demand [3][4] Production Capacity and Quotas - OPEC+ has paused oil output hikes after releasing about 2.9 million bpd into the market since April 2025 [3][4] - The approved mechanism for assessing maximum production capacity will be used for setting output quotas starting in 2027, a topic that has been challenging due to differing capacities among member countries [4][5] - Some members, like the United Arab Emirates, have increased capacity and seek higher quotas, while others, particularly African nations, have seen declines in production capacity but resist quota cuts [4][5]