Despite internal turmoil and political tensions, OPEC+ is poised to maintain steady oil output at its upcoming meeting on Sunday. This decision comes amidst a backdrop of falling oil prices and concerns over oversupply. The eight members of OPEC+, which pumps about half the world's oil, had previously agreed to pause output hikes for January, February, and March. This meeting is unlikely to alter that policy, according to three OPEC+ sources. The group's focus on market management over political disputes has historically helped them overcome internal crises, but they now face multiple challenges. Tensions between Saudi Arabia and the UAE over the Yemen conflict have led to a significant rift, while Russian oil exports are under pressure due to U.S. sanctions over the Ukraine war. Additionally, Venezuela's oil production has plummeted due to mismanagement and sanctions, despite its vast reserves. Analysts predict a lack of meaningful output boost for years, even with potential U.S. investments. The future of OPEC+ and the global oil market remains uncertain as these crises unfold.
