OPEC+ keeps oil output steady amid turmoil among members
CNBC••world
Key Points:
- OPEC+ decided to keep oil output unchanged during a brief meeting, avoiding discussions on ongoing political crises affecting several member countries.
- The meeting followed a significant 18% drop in oil prices in 2025, driven by oversupply concerns and geopolitical tensions, including a rift between Saudi Arabia and the UAE over Yemen.
- The U.S. capture of Venezuelan President Nicolas Maduro and subsequent U.S. control announcement added to market uncertainty, though Venezuela’s oil production remains severely limited due to sanctions and mismanagement.
- The eight OPEC+ members involved, who had previously agreed to pause output hikes for early 2025, maintained this stance, prioritizing market stability over political disputes amid challenges like Russian sanctions and Iranian unrest
