OPEC+ Maintains Oil Production Despite Market Tensions
The OPEC+ alliance has kept oil production steady, despite the United States’ arrest of Venezuelan President Nicolas Maduro, a major oil-producing country, according to a statement released Sunday.
Today’s meeting of the eight OPEC+ members, which produce more than 33 million barrels a day—nearly half of the world’s oil supply—comes after oil prices dropped over 18% in 2025, marking the largest annual decline since 2020 amid increasing concerns about oversupply.
The eight countries (Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria, and Oman) have raised their oil production targets by about 2.9 million barrels per day for the period from April to December 2025, equating to approximately 3% of global oil demand.
Last November, the countries agreed to suspend production increases during January, February, and March. An OPEC+ representative indicated that the brief online meeting held Sunday did not address the issue of Venezuela.
The statement added that the eight countries would meet again on February 1.
Multiple Crises
The organization faces numerous crises, as Russian oil exports are under pressure due to U.S. sanctions imposed due to its war in Ukraine, while Iran is experiencing protests and threats from the U.S. and Israel regarding a potential second military strike.
Yesterday, the United States arrested Venezuelan President Nicolas Maduro, and U.S. President Donald Trump stated that Washington would take control of the country until a new administration could assume power, without specifying how this would be achieved.
Venezuela has the largest oil reserves in the world, but its oil production has sharply declined due to years of mismanagement and sanctions, with current production approximating one million barrels per day.
However, analysts believe that Venezuela’s oil production is unlikely to increase for years, even if major U.S. oil companies invest the billions promised by Trump.
