OPEC+ maintains steady oil output amid geopolitical tensions

Dubai | London: OPEC+ agreed to maintain steady oil output at its meeting on Sunday, the group said in a statement, despite political tensions between key members Saudi Arabia and the UAE, and the US capture of the president of smaller producer Venezuela. 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-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 from April to December 2025, equal to almost 3% of world oil demand.