OPEC+ maintains its strategy to sustain stable oil production despite unrest in Venezuela

OPEC+ Maintains Oil Output Strategy Amid Market Uncertainty

During a meeting held on January 4, OPEC+ decided to uphold its current approach of pausing any increases in oil production for the first quarter. This decision comes as the global oil market experiences an oversupply, and the alliance awaits further information on the potential effects of the unexpected US apprehension of Venezuelan leader Nicolas Maduro on oil supplies.

Major producers, including Saudi Arabia and Russia, have agreed to keep their combined output steady until the end of March. The meeting itself was notably brief, wrapping up in less than ten minutes. According to several participants, the group did not address the situation in Venezuela, with many noting that it was too soon to consider any supply changes in response to recent events involving Maduro.