OPEC+ announced Sunday that it will maintain current oil production levels, despite ongoing political tensions between member states and the recent U.S. capture of Venezuelan President Nicolas Maduro.
The decision was made during a brief online meeting of eight OPEC+ members, which together produce about half of the world’s oil. The countries involved—Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—had previously raised production targets by roughly 2.9 million barrels per day for April through December 2025. That increase represented nearly 3% of global oil demand.
The group had agreed in November to pause output hikes for the first three months of 2026. Sunday’s meeting did not include discussions about Venezuela, according to one OPEC+ delegate. The next meeting of the eight members is scheduled for February 1.
OPEC+ has historically managed internal disputes by prioritizing market stability over politics, including during periods of conflict such as the Iran–Iraq War. However, the group now faces multiple pressures. Russian oil exports remain constrained by U.S. sanctions linked to the war in Ukraine, while Iran is grappling with domestic protests and ongoing threats of intervention from Washington.
Oil prices fell sharply in 2025, dropping more than 18% over the year, marking their steepest decline since 2020. Analysts attribute the slump to global oversupply concerns and slowing demand growth.
Venezuela, which holds the world’s largest proven oil reserves, has struggled to maintain production due to years of mismanagement and sanctions. U.S. authorities recently captured President Maduro, and former President Donald Trump announced that Washington would take control of the country until a transition to a new administration is possible, without providing details on how this would occur.
Experts caution that Venezuela’s oil output is unlikely to rise significantly in the near term, even if U.S. oil companies invest the billions promised by Trump. Production capacity remains limited, and infrastructure issues will likely delay any meaningful boost to the country’s crude supply.
Despite these challenges, OPEC+ appears focused on stabilizing markets rather than responding to political developments. Analysts said keeping output steady could help support prices while allowing the group to monitor global demand trends.
The coming months will test OPEC+’s ability to balance production decisions with geopolitical pressures, particularly as tensions persist in Venezuela, Russia, and Iran. For now, the decision to maintain current levels signals a cautious approach as the oil market continues to recover from last year’s losses.
