OPEC+ decided to keep oil production steady during its recent meeting, despite political issues between Saudi Arabia and the UAE, and the U. S. capturing Venezuelan President Nicolas Maduro. The group, which includes eight countries that supply about half of the world’s oil, noted an 18% drop in oil prices in 2025 due to oversupply concerns. The eight members increased oil output targets by about 2.9 million barrels per day from April to December 2025, reflecting nearly 3% of global oil demand.
Tensions have risen between Saudi Arabia and the UAE due to a recent conflict in Yemen, leading to significant divisions between the two once-close allies. Historically, OPEC has managed to resolve conflicts by focusing on market stability, but it now faces multiple challenges, including Russian oil exports impacted by U. S. sanctions related to the Ukraine war and ongoing protests in Iran.
Additionally, following Maduro’s capture, President Trump announced U. S. control over Venezuela until a new administration could be established, though analysts doubt any significant increase in oil production in Venezuela for years to come, even with potential investments from U. S. oil companies. The group plans to meet again on February 1.
With information from Reuters
