According to an announcement issued by OPEC+ this Sunday, January 4, the oil alliance led by Saudi Arabia and Russia will maintain a stable crude oil supply at least until April.

The group of oil-producing countries announced the measure without indicating they will take any precautions regarding potential market turbulence following the US military intervention in Venezuela.

The energy and oil ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman announced the measure in a teleconference on Sunday, according to a statement published on the website of the Vienna-based Organization of the Petroleum Exporting Countries (OPEC).

The announcement comes in reference to the voluntary production cuts agreed upon in 2023, and in April 2025, these countries “began to gradually reverse those reductions with monthly increases that represented a strategic shift to recover lost market share.”

The group of eight countries still needs to complete a little over one million barrels per day to dismantling the voluntarily cut volumes (one of 2.2 million barrels per day and another of 1.65 million barrels per day), but in November decided to pause monthly increases during the first quarter of 2026, a measure that the ministers reaffirmed on Sunday.

M.Pino

Source: intereconomia

(Reference image source: Delfino Barboza on Unsplash)

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