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Economics & Business4 min readPEN Staff

Oil Prices Surge as OPEC+ Maintains Production Cuts

Global oil prices have surged past $95 per barrel after OPEC+ decided to maintain current production cuts through Q4 2026.

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Oil prices jumped more than 4% after the OPEC+ alliance confirmed it would maintain current production cuts through the final quarter of 2026. Brent crude settled at $96.40 per barrel.

Saudi Energy Minister Prince Abdulaziz bin Salman stated the decision reflects the group's commitment to market stability. The move impacts fuel costs globally and has implications for New Zealand's transport and energy sectors.

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