OPEC+ opted to maintain its current production levels, deciding against increasing oil supply through the first quarter of the year. The decision, reaffirmed during a brief video conference on Sunday, comes as the global oil market grapples with a potential surplus and uncertainty surrounding the political situation in Venezuela.

The agreement means OPEC+ will continue to hold production steady, a strategy initially adopted in November after a period of rapid output increases. Crude prices are currently near four-year lows, and forecasts suggest a significant oversupply could materialize due to ample supply and weak demand. Delegates present at the meeting indicated that the situation in Venezuela, where the US capture of leader Nicolas Maduro has created uncertainty, was not formally discussed. They deemed it too early to assess the potential impact on oil supplies.

The OPEC+ decision reflects a cautious approach amid a fragile market environment. The organization is prioritizing flexibility and avoiding further disruption in a market already facing volatility. Beyond Venezuela, geopolitical tensions in regions like Russia and Yemen are adding to the complexity of the oil market outlook.

OPEC, formed in 1960, is a group of 13 oil-exporting countries that coordinate their petroleum policies. OPEC+ includes OPEC members and other major oil producers like Russia. The group's decisions significantly impact global oil prices and supply.

Looking ahead, OPEC+ faces the challenge of balancing supply and demand in a volatile geopolitical landscape. The group's ability to navigate these uncertainties will be crucial in preventing a significant price drop and maintaining stability in the global oil market. The situation in Venezuela, and its potential impact on oil production, will likely be a key factor monitored by OPEC+ in the coming months.