OPEC+ to keep oil supply steady despite turmoil in Venezuela

During their monthly video conference on Sunday, key OPEC+ members led by Saudi Arabia and Russia are reviewing their decision last November to halt further supply hikes

While Venezuela was once an oil-producing powerhouse, its output has declined precipitously over the past two decades and now represents less than 1% of global supplies.

The Organisation of the Petroleum Exporting Countries (OPEC+) is likely to stick with plans to pause production increases during the first quarter, their policy unaffected by escalating risks in Venezuela and elsewhere, delegates said.

OPEC+ consists of member nations from the Middle East, Africa, and South America. Venezuela, which has the world’s largest supply of proven oil reserves, is a member of the organisation.