The OPEC+ group agreed to maintain steady oil output at its virtual meeting on Sunday, it said in a statement, despite political tensions between key members Saudi Arabia and the United Arab Emirates (UAE), and the U.S. capture of the president of smaller producer Venezuela.
Sunday's meeting of eight members of OPEC+, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, which pumps about half the world's oil, comes after oil prices fell more than 18% in 2025, their steepest yearly drop since 2020, amid growing oversupply concerns.
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 (bpd) 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. Sunday's brief online meeting did not discuss Venezuela, one OPEC+ delegate said.
"The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023," the group said in a statement.
The eight countries will meet next on Feb. 1, the statement said.
Tensions between Saudi Arabia and the UAE flared last month over a decade-long conflict in Yemen, when a UAE-aligned forces seized territory from the Saudi-backed government.
The crisis triggered the biggest split in decades between the former close allies, as years of divergence on critical issues came to a head.
The OPEC has in the past managed to overcome serious internal rifts, such as over the Iran-Iraq War, by prioritizing market management over political disputes. Yet the group is facing numerous crises, with Russian oil exports pressured due to U.S. sanctions over its war in Ukraine, and Iran facing protests and U.S. threats of intervention.
On Saturday, the United States captured Venezuelan President Nicolas Maduro. 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, bigger even than those of the OPEC's leader, Saudi Arabia, but its oil production has plummeted due to years of mismanagement and sanctions. Analysts said it is unlikely to see any meaningful boost to crude output for years, even if U.S. oil majors do invest the billions of dollars in the country that Trump promised.
