OPEC+ agreed to maintain stable oil production despite disagreements among members
Kyiv • UNN
OPEC+ agreed to maintain stable oil production, despite an 18% price drop in 2025 and tensions between Saudi Arabia and the UAE. Eight countries raised their production targets by 2.9 million barrels per day from April to December 2025.
OPEC+ agreed to maintain stable oil production at its meeting on Sunday, the group said in a statement, despite political tensions between key members Saudi Arabia and the UAE, as well as the US capture of the president of smaller producer Venezuela, UNN reports with reference to Reuters.
Details
Sunday's meeting of the eight OPEC+ members, which produce about half of the world's oil, came after oil prices fell more than 18% in 2025 – their steepest annual decline since 2020 – amid growing fears of oversupply.
Oil prices rose slightly after the largest annual decline since 202002.01.26, 08:35 • 4789 views
The eight countries – Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman – raised their oil production targets by approximately 2.9 million barrels per day from April to December 2025, which is almost 3% of global oil demand.
In November, they agreed to suspend production increases for January, February, and March. Venezuela was not discussed at Sunday's brief online meeting, an OPEC+ delegate said.
The eight countries will meet next on February 1, the statement said.
Tensions between Saudi Arabia and the UAE escalated last month over the decade-long conflict in Yemen, when a UAE-backed group seized territory from the Saudi-backed government. The crisis triggered the biggest rift in a decade between former close allies, as years of diverging views on critical issues came to a head, the publication writes.
OPEC has in the past managed to overcome serious internal disagreements, such as over the Iran-Iraq war, by prioritizing market management over political disputes. However, the group faces numerous crises, with Russian oil exports under pressure due to US sanctions over Russia's war against Ukraine, and Iran facing protests and threats of US intervention, the publication writes.
On Saturday, the United States captured Venezuelan President Nicolas Maduro, and US President Donald Trump said Washington would take control of the country until a transition to a new administration was possible, without specifying how this would be achieved.
Venezuela has the world's largest oil reserves, even larger than those of OPEC leader Saudi Arabia, but the country's oil production has plummeted due to years of mismanagement and sanctions.
Analysts said it was unlikely that any significant increase in oil production would be seen for many years, even if American oil giants invested billions of dollars in the country, as promised by Trump.
OPEC forecasts near balance of oil supply and demand in 202611.12.25, 19:09 • 3566 views