OPEC+ has decided to maintain its current oil output levels, following a brief meeting on Sunday. The meeting avoided discussions on the political crises affecting several member countries, including Venezuela, where the US recently captured President Nicolas Maduro.
The decision to keep oil output unchanged was made despite the significant drop in oil prices in 2025, which fell by over 18% – the steepest yearly decline since 2020. This decline is largely attributed to growing concerns over oil oversupply. The eight OPEC+ member countries, which account for approximately half of the world’s oil production, will convene again on February 1.
Nigeria, one of the member countries, has been struggling to meet its OPEC quota of 1.5 million barrels per day, despite initially reporting a potential increase in crude output allocation. Meanwhile, tensions between Saudi Arabia and the UAE have escalated due to a long-standing conflict in Yemen, causing the largest split between the two former close allies in decades.
The US capture of Venezuelan President Nicolas Maduro has also added to the complexity of the situation. Venezuela possesses the world’s largest oil reserves, surpassing even those of Saudi Arabia. However, the country’s oil production has significantly declined due to years of mismanagement and sanctions.
OPEC+ had raised its oil output targets by around 2.9 million barrels per day in 2025 to regain market share. The group agreed to pause output hikes for the first quarter of 2026 due to relatively low demand during the northern hemisphere winter. Historically, OPEC has managed to overcome internal conflicts by prioritizing market management over political disputes.
The group is currently facing multiple challenges, including Russian oil export declines due to US sanctions over the war in Ukraine and Iran’s struggles with protests and US threats of intervention. The decision to maintain current oil output levels is likely to have significant implications for the global oil market, particularly in light of the ongoing crises affecting several OPEC+ member countries.
