OPEC+ Modifies Oil Output Strategy Amid Glut Fears, Sanctions

OPEC+ member nations have agreed to a modest increase in oil production of 137,000 barrels per day for December 2025, followed by a pause in output hikes throughout the first quarter of 2026. This decision to hold production steady reflects concerns regarding a potential supply surplus and seasonal fluctuations in demand. The move signals a shift in the group's strategy, which had previously focused on regaining market share through production increases totaling approximately 2.9 million barrels per day since April. Adding further uncertainty to the oil market are recently implemented Western sanctions targeting Russian oil producers Rosneft and Lukoil. Rystad Energy's Jorge Leon suggests these sanctions may impede Moscow's capacity to further expand its oil output.