Vienna: OPEC+ has decided to keep its oil production policy unchanged despite political and economic tensions among some of its members and continued weakness in global oil prices.
Sources familiar with the discussions said the group agreed to maintain the current level of supply and stick to its earlier decision to pause planned output increases at least until the end of March. The move reflects a cautious approach as oil markets remain oversupplied and demand growth stays uncertain.
The decision was taken during a short meeting involving key producers including Saudi Arabia Russia the United Arab Emirates Iraq and Kuwait. Delegates said the focus remained on market stability rather than internal political disagreements.
Oil prices have struggled over the past year with Brent crude recording its biggest annual decline since 2020. Analysts say slower global economic growth high supply levels and uncertainty over demand from major consumers have weighed heavily on prices.
The group’s unity has also been tested by tensions among some members and by political turmoil in Venezuela one of the alliance’s producers. Venezuela’s oil exports have been disrupted by domestic instability and international sanctions reducing its contribution to global supply.
Despite these challenges Opec plus appears determined to avoid sudden policy shifts that could further unsettle markets. Officials said keeping production steady would help prevent a deeper fall in prices while giving the group more time to assess how supply and demand evolve in the coming months.
The alliance is expected to review its policy again at its next meeting scheduled for early February. Market participants will be watching closely for any signs of a change if prices continue to slide or if demand shows signs of recovery.