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

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

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

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+

The decision does not include the potential production increases that eight member countries may agree on, as these nations aim to finish returning to the market the barrels they voluntarily withdrew to support prices

The ministers of eight OPEC+ member countries, led by Saudi Arabia and Russia, decided in an online meeting to increase their oil supply by 137,000 barrels per day (bpd) starting in December

The International Energy Agency estimates that the oil production surplus, given the rapid increase in crude entering the market from OPEC+ and a slowdown in demand growth, has averaged 1.9 million barrels per day since the beginning of the year

The OPEC+ alliance, led by Saudi Arabia and Russia, has agreed to a new increase in crude oil production for November of 137,000 barrels per day, marking its eighth consecutive monthly increase