The 'OPEC Plus' alliance announced in a statement that it has agreed to keep oil production levels unchanged. This decision was made during a meeting held yesterday by eight member countries of the 'OPEC Plus' alliance, which supplies nearly half of the world's oil. The decision comes after oil prices fell by more than 18% in 2025, marking the largest annual decline since 2020. Oil prices also fell last year amid growing concerns about oversupply. The eight participating countries—Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman—increased their collective oil production target by about 2.9 million barrels per day from April to December 2025. This reduction is equivalent to 3% of global oil demand and aims to restore their market shares.
