A source in the OPEC+ alliance said on Sunday that eight countries in the alliance have agreed in principle to maintain the suspension of oil production increases during the first quarter of 2026.
These statements came ahead of a meeting of the eight members scheduled for later today.
The eight members had agreed in November to suspend production increases during the first quarter of this year.
OPEC+ delegates said earlier that the alliance was likely to keep oil production levels unchanged at Sunday's meeting, despite political tensions and the US arrest of Venezuela's president.
Sunday's meeting of eight members of the OPEC+ alliance, which pumps about half of the world's oil, comes after oil prices fell by more than 18% in 2025, the biggest annual decline since 2020.
Oil prices fell last year amid growing concerns about oversupply in the markets.
