OPEC+ keeps oil output steady amid turmoil among members

Group 1 - OPEC+ decided to keep oil output unchanged during a recent meeting, avoiding discussions on political crises affecting its members [1][5] - The meeting involved eight OPEC+ members, which collectively produce about half of the world's oil, and followed a significant drop in oil prices of over 18% in 2025, marking the steepest decline since 2020 [1][4] - The eight members had previously agreed to pause output increases for the first quarter of 2025 due to low demand during the northern hemisphere winter [4] Group 2 - Tensions between Saudi Arabia and the UAE have escalated due to conflicts in Yemen, leading to a significant rift between the two nations [2] - Political uncertainty, particularly regarding Venezuela and its leadership, is currently influencing oil markets more than traditional supply-demand dynamics [3] - OPEC+ is prioritizing stability over action in light of various geopolitical challenges, including sanctions on Russian oil exports and internal issues within Iran and Venezuela [6][8] Group 3 - The eight OPEC+ members raised oil output targets by approximately 2.9 million barrels per day in 2025, which is nearly 3% of global oil demand, to regain market share [3] - Analysts express skepticism about the potential for a meaningful increase in crude output in the coming years, despite promises of investment from US oil majors [7]