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A 3D-printed oil pump jack is seen in front of displayed OPEC logo
OPEC+ agreed to maintain steady oil output at its meeting on Sunday, the group said in a statement, despite political tensions between key members Saudi Arabia and the UAE, and the US capture of the president of smaller producer Venezuela.
Sunday’s meeting of eight members of OPEC+, which pumps about half the world’s oil, comes after oil prices fell more than 18% in 2025, their steepest yearly drop since 2020, amid growing oversupply concerns.
The eight, Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman, raised oil output targets by around 2.9 million barrels per day from April to December 2025, equal to almost 3% of world oil demand.
They agreed in November to pause output hikes for January, February and March. Sunday’s brief online meeting did not discuss Venezuela, one OPEC+ delegate said.
The eight countries will meet next on February 1, the statement said.
