The International Energy Agency in Paris predicts a record surplus in 2026, while Goldman Sachs Group Inc and JPMorgan Chase & Co see futures heading lower.
Key members led by Saudi Arabia confirmed the three-month supply pause – first announced early this month – during a video conference on Sunday, said the delegates, who asked not to be identified because the talks are private.
While the disruption signals some caution by the Organization of the Petroleum Exporting Countries and its partners after quickly restarting oil production earlier this year, global markets are still on track for a significant surplus in early 2026, which is likely to put further pressure on prices.
Oil futures have fallen 15 percent this year to almost $63 a barrel in London as growing supply from America, combined with OPEC+’s surge, outpaces demand growth. The International Energy Agency in Paris predicts a record surplus in 2026, while Goldman Sachs Group Inc and JPMorgan Chase & Co see futures heading lower.
By freezing production for three months, OPEC+ buys some time while it assesses increased geopolitical risks to members’ supplies, as well as renewed efforts to end the war in Ukraine.
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Published on November 30, 2025
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