OPEC+ confirms plan to raise oil production quotas

The Organization of the Petroleum Exporting Countries OPEC+ agreed at a meeting on Sunday that oil production would remain stable, although tensions are rising between key members - Saudi Arabia and the UAE.

The group of eight countries, which together account for half of the world's oil production, also confirmed a plan to increase output quotas by 2.9 million barrels a day from April to December 2025.

There was no mention of Venezuela, even though the US had detained its President Maduro the day before and announced it would take control of the country. However, analysts expect Venezuela's production will not increase so soon.

The organisation faces several challenges, from sanctions against Russia to a rift between Riyadh and Abu Dhabi over the war in Yemen. Despite these challenges, OPEC+ declares unity and plans further negotiations as early as February.

(reuters, mja)