Oil-producing group OPEC Plus has decided to keep output levels unchanged, following a meeting on Sunday that avoided discussion of the growing political crises affecting several of its members.
The meeting involved eight OPEC Plus countries, which together produce about half of the world's oil.
It came against the backdrop of a sharp fall in oil prices, which dropped more than 18 per cent in 2025 — the steepest annual decline since 2020 — amid concerns about oversupply in the global market.
Last month, relations between Saudi Arabia and the United Arab Emirates deteriorated over renewed conflict in Yemen, after a UAE-aligned group seized territory from the Saudi-backed government.
Meanwhile, geopolitical uncertainty deepened over the weekend following the US military intervention in Venezuela and removal of that country's President, Nicolás Maduro, from office.
U.S. President Donald Trump then declared that Washington would assume control of Venezuela until a transition to a new administration is possible.
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