OPEC+ Keeps Oil Output Steady Amid Turmoil Among Members

OPEC+ kept oil output unchanged on January 4th after a quick meeting that avoided discussion of the political crises affecting several of the producer group’s members. Sunday’s meeting of eight members of OPEC+, which pumps about half the world’s oil, came after oil prices fell more than 18% in 2025 — their steepest yearly drop since 2020 — amid growing oversupply concerns. Tensions between Saudi Arabia and the UAE flared last month over a decade-long conflict in Yemen, when a UAE-aligned group seized territory from the Saudi-backed government. The crisis triggered the biggest split in decades between the former close allies. The eight members agreed in November to pause output hikes for January, February and March due to relatively low demand in the northern hemisphere winter. Sunday’s brief online meeting affirmed that policy and did not discuss Venezuela, one OPEC+ delegate said.