OPEC+ keeps output steady amid escalating geopolitical tensions
In Sunday's virtual meeting of its eight members - Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman- the OPEC+ decided to keep the oil output unchanged, while avoiding the discussions of the geopolitical crises affecting several of the producer group's members.
Citing an OPEC+ delegate, Reuters reported on Sunday, “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.”
The decision to hold the output comes after last month’s escalating tensions between Saudi Arabia and the UAE, and also following the United States’ seizure of Venezuelan President Nicolás Maduro over the weekend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Multiple unions threaten strikes at Barrick’s flagship Mali gold mine, documents show
Jim Cramer Says the Upcoming Week Looks Quiet. Here's What He'll Still Be Watching
Is Crypto's Weekend Drop a Preview of Monday? Houthis Target Riyadh, Trump Weighs Iran
Arc Launches Agentic Payments with USDC Across 3 Chains, Removing Gas Wallet Hassles
