OPEC+ keeps output steady amid escalating geopolitical tensions

In Sunday's virtual meeting of its eight members - Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman- the OPEC+ decided to keep the oil output unchanged, while avoiding the discussions of the geopolitical crises affecting several of the producer group's members.

Citing an OPEC+ delegate, Reuters reported on Sunday, “the eight members agreed in November to pause output hikes for January, February and March due to relatively low demand in the northern hemisphere winter.”

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