Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ delegates reportedly said that despite the political tensions between Saudi Arabia and the UAE?and U.S. capture the president of smaller producer 'Venezuela,' OPEC+ is likely to maintain steady oil production at its Sunday meeting.
The OPEC+ meeting on Sunday, which includes eight members who pump about half of the world's crude oil, was called after oil prices dropped more than 18% between 2025 and 2020, their biggest drop in a year since then, amid concerns over an increasing oil supply.
Saudi Arabia, Russia and the UAE along with Kazakhstan, Kuwait, Iraq, Algeria, Oman, Kuwait, Algeria, Kazakhstan and Kuwait have all raised their oil production targets from April 2025 to December 2025 by 2.9 million barrels a day, which is almost 3% of global oil demand.
In November, they agreed to halt output increases for the months of January, February, and?March. Three OPEC+ source said that the meeting on Sunday was unlikely to change this policy.
OPEC FACING NUMEROUS RISKS
Last month, tensions between Saudi Arabian and UAE erupted over a decade long conflict in 'Yemen. A group aligned with the UAE seized territory that was controlled by the Saudi-backed government.
Years of disagreement on key issues culminated in the crisis, causing the largest split between former allies.
OPEC managed to resolve serious internal rifts in the past, including the Iran-Iraq War by prioritising'market management' over political disputes. The group faces a number of crises. Russian oil exports are under pressure due to U.S. sanction over its war in Ukraine and Iran is faced with protests and U.S. intervention threats.
The United States captured Venezuelan President Nicolas Maduro on Saturday. U.S. president Donald Trump announced that Washington would assume control of the nation until a transition to a new government is possible. He did not specify how Washington would achieve this.
Venezuela's oil production has dropped due to mismanagement, sanctions and years of mismanagement.
Analysts say it will be years before we see any significant increase in crude production, even if U.S. major oil companies invest the billions that Trump promised. (Writing and editing by David Holmes; Dmitry Zhdannikov)
(source: Reuters)
