The OPEC+ alliance maintains its oil production policy
4 January 22:12
On Sunday, the OPEC+ alliance confirmed that oil production remained stable in February and March, despite political tensions between key members of the group, Saudi Arabia and the UAE, as well as the US seizure of Venezuelan President Maduro, "Komersant Ukrainian" reports.
This year’s first meeting of the eight members of the OPEC+ alliance, including Russia and Saudi Arabia, took place after oil prices fell by more than 18% last year – the sharpest annual drop since 2020 – amid growing concerns about a glut. At the end of last year, eight countries agreed to freeze oil production for the 1st quarter of 2026 amid declining demand.
The eight countries are: Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman – raised their oil production targets by about 2.9 million barrels per day from April to December 2025, which is almost 3%. Their next meeting will take place on February 1, according to a press release from the alliance.
Tensions between Saudi Arabia and the UAE escalated last month over the decade-long conflict in Yemen. The crisis has triggered the biggest rift in decades between the former close allies, as years of disagreement over crucial issues culminated.
In the past, OPEC has managed to overcome serious internal disagreements, such as the Iran-Iraq war, by prioritizing market management over political disputes. The countries in the group are facing multiple crises: Russian oil exports are under pressure due to US sanctions, and Iran is facing internal protests.
On Saturday, the United States captured Venezuelan President Nicolas Maduro, and US President Donald Trump said that Washington would take temporary control of the country.
Venezuela has the world’s largest oil reserves, even larger than those of OPEC leader Saudi Arabia, but Caracas’ oil production has plummeted due to years of mismanagement and sanctions.
