Eight key members of the Opec+ alliance have agreed to adhere to a plan they previously adopted to halt oil production increases in the first quarter of 2026, as the coalition this year seeks to address growing oversupply concerns and shore up oil prices, which fell more than 18% in 2025 — their steepest yearly drop since 2020.

The eight countries – Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman – raised their oil production targets by approximately 2.9 million barrels a day from April to December 2025, which is almost 3% of global oil demand, to regain some of its lost market share. In a meeting on 2 November, they agreed to suspend production increases for January, February and March.

The latest meeting of the group of eight on 4 January, which has held online, took place amid political crises affecting several members.

Tensions between Saudi Arabia and the UAE flared in late December over a decade-long conflict in Yemen, when a UAE-aligned group seized territory from the Saudi-backed government. The crisis triggered the biggest rift in decades between the close allies.

Separately, on 3 January, the United States captured Venezuela’s President Nicolas Maduro, and US President Donald Trump said Washington would take control of the country until a transition to a new administration becomes possible, without saying how this would be achieved.

Ministers from the group of eight within Opec+ did not discuss the Venezuela situation in Sunday’s brief online meeting.

Venezuela has the world’s largest oil reserves, bigger even than those of Opec’s leader Saudi Arabia, but its oil production has plummeted due to years of mismanagement and sanctions.

The eight countries will next meet on 1 February, Opec+ said.