8legs: Organization of the petroleum exporting countries

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world1h ago

Venezuela asks OPEC+ for support to counter US actions affecting its oil output and market stability.
Maduro wrote to OPEC+ leaders urging solidarity to stop what he calls aggression against Venezuela’s energy sector.
The appeal follows reports of US military actions in the Caribbean and a closed airspace around Venezuela.
Al Jazeera reports Maduro accusing the US of trying to seize Venezuela’s oil reserves.
Analysts warn ongoing tension could raise volatility in the world oil market.
US actions cited include airspace closure and military deployments in the Caribbean.
Maduro published the letter through Venezuela's Foreign Minister on Telegram.
Venezuela holds the world’s largest proven oil reserves, yet exports lag due to sanctions.
Maduro said the US actions threaten international energy market balance.
The report mentions broader regional concern and calls for international mediation.

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OPEC+ agrees to hold 2026 oil output steady, signaling no immediate production changes.
The bloc also approves a capacity mechanism to better manage potential supply changes.
The decision reflects a cautious stance as market conditions remain uncertain.
The agreement applies to the 2026 group-wide framework under OPEC+.
No immediate quotas were altered, maintaining current production baselines.
The capacity mechanism aims to ensure reliable supply if needed in the future.
Market participants will monitor the impact of the new mechanism closely.
The group’s 2026 framework may influence global oil price expectations.
Analysts note the decision as a signal of steady policy rather than expansion.

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OPEC+ will use a Dallas-based consultant, DeGolyer and MacNaughton, for the majority of the capacity review.
The audit aims to determine maximum sustainable capacity for a 90-day period, sustaining for a year.
The updates are planned to take effect in 2027, aligning quotas with member capabilities.
An Indian firm will be selected for Russia and Venezuela's portion of the audit.
Iran will base its assessment on the average of its production from August to October.
The audit follows a past review that prompted Angola to leave OPEC+, showing sensitivity to capacity judgments.
Delegates expect capacity estimates to influence potential future production cuts amid oversupply concerns.
OPEC+ previously paused increases in the first quarter after rapid restarts earlier in the year.
The audit is part of a broader effort to align quotas with members' actual abilities.

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