The OPEC+ alliance, led by Saudi Arabia and Russia, announced that it would maintain its crude oil supply level unchanged at least until April, without responding to the arrest of Venezuelan President Nicolás Maduro by the US. This decision was the result of a videoconference between the energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, according to an OPEC statement. These eight countries implemented production cuts in 2023 to stabilise prices and began reversing those reductions starting in April 2025, with monthly increases to regain market share. Between April and December, the total increase was approximately 2.9 million barrels per day of crude oil, equivalent to about 2.8% of global production. They still have more than one million barrels per day left to complete the elimination of the cut volumes, but in November they decided to «pause» the monthly increases during the first quarter of 2026, a measure that the ministers reaffirmed today. The countries will continue to monitor and assess market conditions and emphasised the importance of taking a cautious approach and maintaining flexibility to continue suspending or reversing production adjustments. The next virtual meeting to review the situation will take place on 1 February.
