Opec+ keeps oil output steady despite global woes

Opec+ agreed to maintain steady oil output at its meeting on Sunday, the group said in a statement, despite global woes and the US capture of the president of smaller producer Venezuela.

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Sunday's meeting of eight members of Opec+, which pumps about half the world’s oil, comes after oil prices fell more than 188 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 38 of world oil demand.

They agreed in November to pause output hikes for January, February and March. Sunday's brief online meeting did not discuss Venezuela, one Opec+ delegate said.

The eight countries will meet next on Feb. I, the statement said.

Opec has in the past managed to overcome serious internal rifts, such as over the Iran-Iraq War, by prioritising market management over political disputes. Yet the group is facing numerous crises, with Russian oil exports pressured due to US sanctions over its war in Ukraine, and Iran facing protests and US threats of intervention.