OPEC+ to keep oil production steady

Concerns over supply glut

The decision comes as oil prices are projected to drop by more than 18% in 2025, the largest annual decline since 2020. Analysts have cited concerns over a potential global supply glut as a key factor influencing the alliance’s decision.

Meeting of key producers

The Sunday meeting included eight OPEC+ member countries, which together account for roughly half of the world’s oil production, reinforcing the alliance’s cautious approach to stabilising global oil markets.