OPEC+ will keep oil production stable. The online meeting of the eight OPEC+ members took place against the backdrop of an 18 percent drop in oil prices by 2025, the largest annual decline since 2020. The war in Ukraine, political unrest in Iran, and concerns about growing oversupply also played a role. The eight OPEC+ members have raised their production targets by approximately 2.9 million barrels per day between April and December 2025, equivalent to nearly 3 percent of global oil demand. In November, the countries agreed to pause production increases for January, February, and March. Analysts say crude oil production is unlikely to increase significantly in the coming years, even if major US oil companies invest the billions of dollars in Venezuela that Trump has promised.
2 Comments
OPEC+ will keep oil production stable. The online meeting of the eight OPEC+ members took place against the backdrop of an 18 percent drop in oil prices by 2025, the largest annual decline since 2020. The war in Ukraine, political unrest in Iran, and concerns about growing oversupply also played a role. The eight OPEC+ members have raised their production targets by approximately 2.9 million barrels per day between April and December 2025, equivalent to nearly 3 percent of global oil demand. In November, the countries agreed to pause production increases for January, February, and March. Analysts say crude oil production is unlikely to increase significantly in the coming years, even if major US oil companies invest the billions of dollars in Venezuela that Trump has promised.
“Turmoil” bit of an understatement.