Sunday's meeting of eight members of OPEC+, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, which pumps about half the world's 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 (bpd) from April to December 2025, equal to almost 3% of world oil demand.
They agreed in November to pause output hikes for January, February and March. Sunday's brief online meeting did not discuss Venezuela, one OPEC+ delegate said.
"The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023," the group said in a statement.
The eight countries will meet next on Feb. 1, the statement said.
AzVision.az
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