OPEC+ said on Jan. 4 that it would keep oil output consistent, maintaining a decision that eight members agreed to in November 2025 to pause increases in oil production throughout January, February, and March.
The consortium, which produces roughly half of all oil worldwide, consists of members of the Organization of the Petroleum Exporting Countries (OPEC)—Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela—and other oil-producing nations such as Russia, Mexico, and Kazakhstan.
