The Globe and Mail reports in its Monday, Dec. 1, edition that OPEC+ agreed to keep oil output levels steady for the first quarter of 2026 during its Sunday meeting, as the group slows its efforts to regain market share due to concerns about a potential supply glut. A Reuters dispatch to The Globe reports that the OPEC+ meeting occurs amid a renewed U.S. effort to broker peace between Russia and Ukraine. This could increase oil supply if sanctions on Russia are eased. If the peace deal fails, Russia could see its supply curbed further by sanctions. Brent crude closed on Friday near $63 (U.S.) a barrel, down 15 per cent this year. "The message from the group was clear: stability outweighs ambition at a time when the market outlook is deteriorating rapidly," said Jorge Leon, a former OPEC official who now works as head of geopolitical analysis at Rystad Energy. Eight OPEC+ members have halted oil output increases for the first quarter of 2026 after releasing about 2.9 million barrels per day into the market since April 2025. Sunday's meeting reconfirmed that decision, according to an OPEC statement. OPEC+ still has about 3.24 million b/d of output cuts in place, representing about 3 per cent of global demand.