KUWAIT: OPEC+ kept oil output unchanged on Sunday 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 percent in 2025 — their steepest yearly drop since 2020 — amid growing oversupply concerns.
Kuwaiti Oil Minister Tareq Al-Roumi affirmed on Sunday Kuwait’s commitment to supporting joint efforts aimed at strengthening global economic recovery and achieving balance in the oil market, stressing that cooperation within the OPEC+ alliance is a key pillar for ensuring stability in energy markets.
The remarks came in a statement by Al-Roumi issued by the oil ministry following his participation in the meeting, held via videoconference. Al-Roumi said the meeting was part of ongoing coordination among participating countries to monitor developments in the oil market on a monthly basis, contributing to market stability and supply security.
He praised the decision by the eight countries to maintain current production levels for February and March 2026, noting that Kuwait’s oil production has stood at 2.580 million barrels per day since December. He added that it was agreed the next meeting would be held on Sunday, Feb 1, 2026.
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. And on Saturday, the United States captured Venezuelan President Nicolas Maduro, and US President Donald Trump said Washington would take control of the country until a transition to a new administration becomes possible, without saying how this would be achieved.
“Right now, oil markets are being driven less by supply-demand fundamentals and more by political uncertainty,” said Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official. “And OPEC+ is clearly prioritizing stability over action.” The eight OPEC+ members – Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman – raised oil output targets by around 2.9 million barrels per day in 2025, equal to almost 3 percent of world oil demand, to regain market share.
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.
OPEC has in the past managed to overcome many internal rifts, such as over the Iran–Iraq War, by prioritizing market management over political disputes. Yet the group is facing other crises, with Russian oil exports falling due to US sanctions over its war in Ukraine, and Iran facing protests and US threats of intervention.
Venezuela has the world’s largest oil reserves, bigger even than those of OPEC’s leader Saudi Arabia, but its oil production has plummeted due to years of mismanagement and sanctions. Analysts said it is unlikely to see any meaningful boost to crude output for years, even if US oil majors do invest the billions of dollars in the country that Trump promised. – Agencies
