OPEC+ sticks with plan to keep oil flow steady amid turmoil

OPEC+ stuck with plans to pause supply increases in the first quarter, as global markets face a surplus and the group awaits clarity on whether the shock US capture of Venezuela leader Nicolas Maduro will impact supplies.

Key members led by Saudi Arabia and Russia agreed on Sunday to keep production levels steady through the end of March, once again ratifying a decision first made in November to suspend last year’s sequence of swift increases. Delegates said they didn’t discuss Venezuela during the 10-minute video conference, and that it’s premature to gauge how to respond to the unfolding situation.

The Organization of the Petroleum Exporting Countries and its partners confront an array of challenges, with crude prices near the lowest in four years and widespread forecasts that plentiful supplies and subdued demand could unleash a record glut. This weekend’s seismic upheaval in member nation Venezuela is the latest in a series of geopolitical pressure points spanning from Russia to Yemen that are also clouding the outlook. 

“In an environment this fragile, OPEC+ is choosing caution, preserving flexibility rathe...