The OPEC+ group kept oil production levels unchanged amid the unrest in Venezuela.

The OPEC+ group kept oil production levels unchanged on Sunday after a quick meeting that avoided discussing the political crisis affecting several member countries.

Despite news of the attack on Venezuela, the global oil market is currently in a state of "oversupply" (with a surplus of approximately 3.8 million barrels per day). Therefore, a partial loss of Venezuelan oil would not immediately trigger a shortage.

The eight member countries agreed in November to suspend production increases in January, February, and March due to relatively low demand during the Northern Hemisphere winter. The brief online meeting on Sunday confirmed this policy and did not discuss Venezuela.

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The OPEC+ group kept oil production levels unchanged on Sunday after a quick meeting that avoided discussing the political crisis affecting several member countries.

Despite news of the attack on Venezuela, the global oil market is currently in a state of "oversupply" (with a surplus of approximately 3.8 million barrels per day). Therefore, a partial loss of Venezuelan oil would not immediately trigger a shortage.

The eight member countries agreed in November to suspend production increases in January, February, and March due to relatively low demand during the Northern Hemisphere winter. The brief online meeting on Sunday confirmed this policy and did not discuss Venezuela.