At a Jan. 4 meeting, OPEC+ decided to adhere to plans to pause production increases in the first quarter of 2026, according to Bloomberg. The decision comes against the backdrop of an oversupplied global market. Coalition members are also awaiting greater clarity on whether the capture of Venezuelan President Nicolás Maduro will have any impact on oil supply volumes.
According to Bloomberg sources, key members of the agreement, led by Russia and Saudi Arabia, are set to maintain cumulative production levels at current rates until the end of March.
At the same time, sources noted that adjusting production parameters in response to events in Venezuela would be premature; however, Venezuelan oil production may emerge as an important issue within a few months.
Last year, Brent futures fell by 18%, marking the steepest decline since the COVID-19 pandemic in 2020. The development comes as OPEC+ members increased supply, alongside key producers outside the coalition, while analysts forecast a significant and widening oil surplus in 2026.
Reportedly, Venezuela holds the world’s largest oil reserves but currently accounts for less than 1% of global demand. U.S. President Donald Trump stated that American companies will invest billions of dollars to restore Venezuela’s deteriorated energy infrastructure following the military operation.
According to Bloomberg sources familiar with the matter, the country’s infrastructure was not affected by U.S. strikes on Caracas and other states.
