Jan 5, 2026
OPEC+ maintains stable oil production despite conflicts among its members.
OPEC+ decided to maintain its oil production levels on Sunday following a brief meeting that sidestepped discussions about the political turmoil affecting several member countries. The gathering of eight OPEC+ nations, which represent about half of global oil production, occurred after oil prices experienced their most significant annual decline since 2020, dropping over 18% in 2025 due to rising oversupply worries.
Last month, tensions escalated between Saudi Arabia and the UAE amid a long-standing conflict in Yemen, marked by a UAE-backed group taking territory from the Saudi-supported government. This situation has led to the largest rift in decades between the once-allied nations. Additionally, on Saturday, the United States apprehended Venezuelan President Nicolas Maduro, with President Donald Trump stating that Washington would oversee the country until a new administration could be established, although he did not specify the process to achieve this.
"Currently, the oil markets are influenced more by political uncertainty than by basic supply and demand," remarked Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official. "OPEC+ is clearly focusing on stability rather than taking decisive actions." The eight OPEC+ members—Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—had previously increased oil output targets by approximately 2.9 million barrels per day in 2025, representing nearly 3% of global oil demand, to reclaim market share.
In November, these eight nations agreed to halt output increases for January, February, and March due to relatively low demand during the northern hemisphere's winter. The brief online meeting on Sunday reaffirmed this strategy and did not address the situation in Venezuela, according to one OPEC+ delegate. The next meeting of these eight countries is scheduled for February 1.
Historically, OPEC has navigated many internal conflicts, such as those during the Iran-Iraq War, by focusing on market management instead of political disagreements. However, the group now faces multiple crises, including a drop in Russian oil exports due to U.S. sanctions related to its actions in Ukraine, and Iran dealing with protests and threats of U.S. intervention. Despite possessing the world's largest oil reserves, even surpassing those of Saudi Arabia, Venezuela's oil production has sharply declined due to years of mismanagement and sanctions. Analysts believe that significant increases in crude output are unlikely for years, even with the billions in investments from U.S. oil companies that Trump pledged.
Last month, tensions escalated between Saudi Arabia and the UAE amid a long-standing conflict in Yemen, marked by a UAE-backed group taking territory from the Saudi-supported government. This situation has led to the largest rift in decades between the once-allied nations. Additionally, on Saturday, the United States apprehended Venezuelan President Nicolas Maduro, with President Donald Trump stating that Washington would oversee the country until a new administration could be established, although he did not specify the process to achieve this.
"Currently, the oil markets are influenced more by political uncertainty than by basic supply and demand," remarked Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official. "OPEC+ is clearly focusing on stability rather than taking decisive actions." The eight OPEC+ members—Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—had previously increased oil output targets by approximately 2.9 million barrels per day in 2025, representing nearly 3% of global oil demand, to reclaim market share.
In November, these eight nations agreed to halt output increases for January, February, and March due to relatively low demand during the northern hemisphere's winter. The brief online meeting on Sunday reaffirmed this strategy and did not address the situation in Venezuela, according to one OPEC+ delegate. The next meeting of these eight countries is scheduled for February 1.
Historically, OPEC has navigated many internal conflicts, such as those during the Iran-Iraq War, by focusing on market management instead of political disagreements. However, the group now faces multiple crises, including a drop in Russian oil exports due to U.S. sanctions related to its actions in Ukraine, and Iran dealing with protests and threats of U.S. intervention. Despite possessing the world's largest oil reserves, even surpassing those of Saudi Arabia, Venezuela's oil production has sharply declined due to years of mismanagement and sanctions. Analysts believe that significant increases in crude output are unlikely for years, even with the billions in investments from U.S. oil companies that Trump pledged.