Sources say that OPEC+ will maintain oil production despite tensions among its members

OPEC+ agreed to?maintain a?steady?oil output during its Sunday meeting, according to an OPEC+ delegates and a source who was familiar with the talks. This is despite the political tensions that exist between Saudi Arabia and UAE and the capture by the U.S. of Venezuela's president.

The eight members of OPEC+ who pump about half a world's oil will meet on Sunday after oil prices dropped more than 18% between 2025 and 2020, their steepest annual drop since 2010.

Saudi Arabia, Russia and the UAE along with Kuwait, Iraq, Algeria, Kazakhstan, Kuwait and Oman have all increased their oil production targets from April until December 2025 by 2.9 million barrels a day, which is almost 3% of global oil demand.

In November, they agreed to stop raising output for the months of January, February and march. The meeting on Sunday is scheduled to begin at 1200 GMT.

OPEC?FACING NUMBEROUS CRISES Tensions erupted between Saudi Arabia, the UAE and other countries last month after a UAE-aligned militia seized land from the Saudi-backed Government. The crisis caused the largest split between the two former allies in decades, after years of disagreement on key issues.

OPEC managed to overcome internal rifts in the past, including the Iran-Iraq War by prioritizing market management over political disputes. The group faces a number of crises. Russian oil exports are being pressured by U.S. sanctions due to its war in Ukraine and Iran is facing protests?and U.S. threat of intervention. The United States captured Venezuelan president Nicolas Maduro on Saturday. U.S. Donald Trump announced that Washington would take control of the country, until a change in administration is possible. He did not specify how Washington would do this. Venezuela is home to the largest oil reserves in the world, even bigger than those of OPEC leader Saudi Arabia. However, its oil production has dropped due to mismanagement and sanctions over many years. Analysts say it will be years before we see any significant increase in crude production, even if U.S. Oil Majors invest the billions that Trump promised. (Writing and editing by David Holmes; Dmitry Zhdannikov)

(source: Reuters)