OPEC+ said in a statement that it has agreed to keep oil production steady in the first quarter of 2026. As Sunday’s OPEC+ meeting convened, oil prices had already fallen more than 18% in 2025 amid mounting market concerns over oversupply, marking the largest annual decline since 2020. The group had already agreed last November to suspend production increases in January, February, and March of this year. OPEC+ will hold its next meeting on February 1. Additionally, an OPEC+ representative said that the eight member countries did not discuss the issue of Venezuela during Sunday’s brief online meeting.