OPEC+ will pause output increases during the first quarter — after making another modest hike next month — as the group balances its push for market share against signs of an emerging surplus.
Key members led by Saudi Arabia agreed during a video conference on Sunday to revive 137,000 barrels a day next month, matching increases scheduled for October and November, then take a January-to-March hiatus. The first quarter is normally a period of weaker demand and delegates said the decision to pause from January reflects an expectation for a seasonal slowdown.