OPEC+ Likely to Confirm Oil Production Pause

OPEC+ is expected to stick with a planned output pause when it meets this weekend, amid growing signs of global oil oversupply, three delegates said, Grant Smith, Salma El Wardany and Fiona MacDonald reported for Bloomberg News.

Crude futures have fallen 17% this year and are headed for their biggest annual drop since the 2020 pandemic.

Key members led by Saudi Arabia and Russia will hold a monthly video conference on Jan. 4 to review a decision—first made in November—to halt further supply increases during the first quarter, after rapidly reviving production earlier this year.

The coalition confirmed the policy at a gathering earlier this month and is likely to do so again, according to the delegates, who requested anonymity because the deliberations are private.

Crude futures have fallen 17% this year and are headed for their biggest annual drop since the 2020 pandemic, as supplies swelled from both OPEC+ producers and rival exporters while global demand growth slowed.