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.
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