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.
Sundays meeting of eight members of OPEC, which pumps about half the worlds 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.
