The OPEC+ oil alliance, led by Saudi Arabia and Russia, produced an average of 42.83 million barrels per day (bpd) of crude in December, cutting output by 238,000 bpd, or 0.5%, from November levels

Oil prices are likely to fall this year as a wave of supply creates a surplus in the market, although geopolitical risks linked to Russia, Venezuela and Iran will continue to fuel volatility, Goldman Sachs said

The United States will control Venezuela’s oil sales for an “indefinite” period and will deposit the proceeds from those transactions into accounts controlled by Washington, U.S. Energy Secretary Chris Wright said

U.S. Energy Secretary Chris Wright plans to meet with oil industry executives this week to discuss reviving Venezuela’s energy sector following the capture of President Nicolás Maduro

All eyes will be on the Organization of the Petroleum Exporting Countries and its allies in 2026, and on how the cartel manages its decision-making process to balance a volatile market

Crude oil output in 2025 will remain at 516 million tonnes, the same level as the previous year, and will rise by 2% in 2026 to 525 million tonnes, Russian Deputy Prime Minister Alexander Novak said

Venezuela’s state oil company PDVSA has begun storing crude oil and fuels on tankers as onshore inventories rise amid U.S. seizures of vessels linked to Venezuela, according to company documents and maritime data

The Council of the European Union has renewed economic sanctions against Russia for a further six months, until 31 July 2026, in response to its war against Ukraine

In its monthly oil market report, the IEA now estimates global supply at 106.2 million barrels per day in 2025, up 3 million bpd from 2024, which is 100,000 bpd less than it forecast in November

The production increase follows a decision by the OPEC+ group of oil-producing countries to implement a moderate rise in production quotas. se in production quotas. Novak also said that Russian companies are increasing investment to meet the higher production quotas set by OPEC+