OPEC+ pauses production increases in first quarter amid global oil oversupply

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OPEC+ pauses production increases in first quarter amid global oil oversupply
Photo: Eric Gay AP/TT

The OPEC+ oil cartel, which includes oil giants Saudi Arabia and Russia, confirmed it has paused production increases in the first quarter of this year, Bloomberg news agency reports, citing sources. The decision was made at a video conference on Sunday, citing what it described as a global oil oversupply.

OPEC+ said it is too early to determine how this weekend's developments in OPEC country Venezuela - where US forces captured the country's president, Nicolas Maduro, in an attack and brought him to the US for trial - will affect the oil market. However, Venezuela's oil industry has not been reported to have been damaged in the unexpected US attack.

Venezuela currently accounts for just under one percent of global oil production, but in the 1960s and 1970s was a significant producer of crude oil to the United States and, according to estimates, has the world's largest oil reserves.

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