OPEC+ set to extend pause on output increases at next meeting: Report

OPEC+ producers are expected to keep their decision to suspend planned production increases at their next meeting

OPEC+ producers are expected to maintain their decision to suspend planned production increases at their upcoming meeting, amid growing signs of a global oil supply surplus, sources familiar with the matter told Bloomberg.

The alliance is scheduled to hold its monthly meeting on Jan. 4 to review the decision, first taken in November, to halt any additional supply increases during the first quarter of next year.

The group reaffirmed this policy at a meeting earlier this month and is likely to renew its commitment again, the sources said, speaking on condition of anonymity.

The meeting comes amid rising geopolitical tensions affecting energy markets. Venezuela has been forced to shut some oil wells after the administration of US President Donald Trump tightened sanctions, while markets are also closely watching peace talks between Russia and Ukraine.