OPEC+ sticks with plan to pause oil supply increases amid surplus concerns

Group 1 - OPEC+ will maintain its decision to pause production increases for the first quarter, amid indications of a surplus in global oil markets [1] - Key members, led by Saudi Arabia, confirmed the three-month supply pause during a private video conference [1] - The production hiatus reflects OPEC+'s caution after previously increasing oil production earlier this year [2] Group 2 - The pause in production is expected to lead to a significant excess in world markets by early 2026, potentially exerting further pressure on oil prices [2] - Oil futures have dropped 15% this year, trading near $63 per barrel in London, due to increased supply from the Americas outpacing demand growth [3] - The International Energy Agency forecasts a record glut in 2026, with major financial institutions predicting lower futures prices [3] Group 3 - The three-month production freeze allows OPEC+ time to evaluate geopolitical risks affecting supply and ongoing efforts to resolve the war in Ukraine [4]