OPEC+ Keeps Oil Output Steady Amid Turmoil Among Members

DUBAI/LONDON (Reuters) – OPEC+ left oil output unchanged on Sunday after a rushed meeting that avoided discussing political crises affecting many members of the producer group.

Sunday’s meeting of the eight members of OPEC+, which pumps about half the world’s oil, came after oil prices fell more than 18% in 2025 – the steepest annual decline since 2020 – on concerns about growing oversupply.

Tensions between Saudi Arabia and the UAE flared last month over the decade-long conflict in Yemen, when a UAE-linked group seized territory from the Saudi-backed government. The crisis has triggered the biggest split between the former close allies in decades.

And 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 is possible, without saying how this would be achieved.

“Oil markets right now are driven less by supply-demand fundamentals and more by political uncertainties,” said Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official. “And OPEC+ clearly prioritizes stability over action.”

Eight OPEC+ members (Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman) have increased their oil production targets by around 2.9 million barrels per day in 2025, equal to almost 3% of world oil demand, to regain market share.

The eight members agreed in November to pause production increases in January, February and March due to relatively low demand in the northern hemisphere winter. An OPEC+ delegate said Sunday’s brief online meeting confirmed that policy and that Venezuela was not discussed.

OPEC+ said the next meeting of the eight countries will be held on February 1.

OPEC has managed to overcome many internal disputes, such as the Iran-Iraq War, by prioritizing market management over political disagreements in the past.

But the group also faces other crises, such as falling Russian oil exports due to US sanctions over its war in Ukraine, and Iran facing protests and threats of US intervention.

Venezuela has the world’s largest oil reserves, even larger than those of OPEC leader Saudi Arabia, but oil production has plummeted due to years of mismanagement and sanctions.

Analysts have said it is unlikely to see a meaningful increase in crude oil production for years to come, even if US oil majors invest the billions of dollars in the country that Trump has promised.