OPEC+ sticks to oil output targets as market faces oversupply
OPEC and its allies (OPEC+) recently decided to keep their oil production limits steady in the first quarter of 2026, even though there's more oil than needed right now.
Oil prices are holding fairly steady, with US crude at about $59 a barrel and Brent just under $64.
Why does this matter?
Eight major producers—like Saudi Arabia, Russia, and the UAE—are sticking to their agreed quotas to avoid making the oversupply problem worse.
They're also planning a slow return from earlier production cuts, but only if the market can handle it.
With global supply expected to outpace demand in 2026, OPEC+ is doubling down on teamwork: they've reaffirmed the Cooperation Charter and agreed to monitor compliance through regular JMMC meetings.
They plan to meet again mid-year, where they'll check in again—especially since new players like Guyana and Brazil are ramping up output too.
If you're curious about how global decisions can impact gas prices or even climate talks, this is one of those behind-the-scenes moves that keeps things balanced (or not).