The post OPEC+ holds oil output steady, approves capacity mechanism appeared on BitcoinEthereumNews.com.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to maintain oil output levels unchanged for the first quarter of 2026, Reuters reported. Additionally, OPEC+ said in a statement that the group had approved a mechanism to assess members’ maximum production capacity to be used for setting output baselines from 2027, against which members’ output targets are set. Market reaction At the time of press, the WTI price is up 0.71% on the day at $59.43. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply…

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Filed under: News - @ December 1, 2025 12:23 am