OPEC+ Maintains Oil Output Amid Global Tensions
On Sunday, OPEC+ opted to keep its oil production levels steady after a brief meeting, which notably sidestepped the ongoing political turmoil affecting some of its member countries.
The gathering included eight OPEC+ nations, which account for roughly half of the global oil supply. This decision comes as oil prices have plummeted more than 18% in 2025, marking the steepest yearly drop since 2020, largely due to rising oversupply worries.
Recently, tensions have escalated between Saudi Arabia and the UAE, triggered by the protracted conflict in Yemen, where groups allied with the UAE have gained ground against the Saudi-supported government. This situation has created one of the deepest rifts between these historically close partners.
In another significant development, U.S. authorities detained Venezuelan President Nicolas Maduro on Saturday. Trump remarked that the United States aims to take control of Venezuela until a new government can be established, though specifics on this process were left vague.
“Right now, the oil market is influenced more by political instability than by actual supply and demand,” commented Jorge León, head of geopolitical analysis at Rystad Energy and a former OPEC representative. “OPEC+ appears to be prioritizing stability rather than making bold moves.”
The eight participating nations—Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—had previously set a target to boost oil production by about 2.9 million barrels per day (which is nearly 3% of global demand) in an effort to reclaim lost market share.
In November, these countries reached an agreement to temporarily halt production increases during January, February, and March due to tepid demand often seen during winter in the northern hemisphere. During Sunday’s online meeting, this policy was reaffirmed, with no discussions about Venezuela, according to a source familiar with the proceedings.
The next meeting for OPEC+ is scheduled for February 1st.
Historically, OPEC has navigated various internal conflicts, including the Iran-Iraq war, by placing market management above political disagreements. Nevertheless, ongoing issues loom, such as U.S. sanctions tied to the Ukraine conflict, which are constraining Russian oil exports, and protests in Iran that threaten stability.
Venezuela possesses the largest oil reserves globally, surpassing even those of Saudi Arabia, but years of mismanagement and sanctions have severely hampered its crude oil output.
Experts suggest that significant increases in crude oil production are unlikely in the coming years, regardless of the billions in investments that U.S. oil companies might commit under Trump’s administration.
