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.
