OPEC Secretary-General Haitham Al Ghais speaks exclusively to CNBC’s Dan Murphy at ADIPEC in Abu Dhabi. He discusses OPEC’s decision to pause output hikes in Q1 2026, and investment in the oil industry to meet the demands of artificial intelligence.

Members of the Organization of Petroleum Exporting Countries and their allies decided over the weekend to boost oil output by 137,000 barrels a day for the third straight month. They're increasing supply despite the fact that oil prices have been falling this year.

There are currently serious fears about a glut in the oil markets – too much oil. And an abundance of oil has the effect of pushing prices down.

Eight members of the oil cartel agreed on Sunday to a small increase but said they would now pause in adding more oil, reflecting market concerns about an oversupply.

Oil prices settled lower on Tuesday as weaker manufacturing numbers and a stronger dollar weighed on demand, while the OPEC+ decision to pause output hikes in the first quarter of next year could signal the group's concern about a potential supply glut.

Even if the OPEC+8 group halts its planned production increases during the first quarter of 2026, the revised liquids balance projection indicates the market will still face a substantial surplus, estimated at approximately 3.5 million barrels per day, Rystad’s estimates showed.

Futures for the S&P 500 were up with focus on earnings. About a quarter of companies on the index are due to report this week.

The decision by OPEC and its allies on Sunday to keep oil output targets steady in the first quarter of next year came after Russia lobbied for the pause because it would struggle to increase exports due to Western sanctions,

Discover how OPEC, the global oil cartel, influences oil prices and production in 2024. Learn about its member nations, history, challenges, and current strategies.

The International Energy Agency forecasts that global oil supply will increase by about 3 million bpd in 2025 to reach 106.1 million bpd, driven largely by the US, Brazil, Guyana and Canada

The government stopped publishing official output figures after November 2023, just weeks before its departure became effective in January 2024, but exports tell the story.

Shares in major oil stocks gushed higher today after producers of the black stuff said they were squeezing supplies. Pausing Hikes At a meeting