OPEC+ Expected to Keep Oil Output Steady Amid Rising Global Tensions
OPEC+ will likely maintain steady oil output at its meeting on Sunday, OPEC+ delegates said, amid rising global tensions.
Sunday’s meeting of eight members of OPEC+, which pumps about half the world’s oil, comes after oil prices fell more than 18% in 2025.
The eight – Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman – raised oil output targets by around 2.9 million barrels per day from April to December 2025, equal to almost 3% of world oil demand.
They agreed in November to pause output hikes for January, February and March. The meeting on Sunday is unlikely to make any changes to that policy, three OPEC+ sources said on Sunday.
The meeting comes a day after the United States captured Venezuelan President Nicolas Maduro and U.S. President Donald Trump said Washington would take control of the country until a transition to a new administration becomes possible, without saying how this would be achieved.
Venezuela has the world’s largest oil reserves, but its oil production has plummeted due to years of sanctions.
