Production break

‘Oil cartel OPEC+ won’t open oil tap further for now’

De afgelopen dagen zijn de prijzen aan de pomp in Nederland gestegen als gevolg van hogere accijnzen. Foto: Shutterstock

The oil cartel OPEC+ will maintain its pause in increasing oil production in the first quarter of 2026. This was decided by delegates from the oil countries, including Russia and Saudi Arabia, at an online meeting on Sunday, reports ANP.

Earlier, on 1 December 2025, OPEC+ announced that it would not pump more oil for the time being. In doing so, the member countries stepped away from their earlier pattern of steadily increasing oil production. According to ANP, oil countries have pumped so much oil in the past year that oil markets have been in surplus. As a result, oil prices fell about 18 per cent last year. That was the biggest annual drop since the start of the corona pandemic in 2020.

It is currently unclear whether and what impact the United States’ arrest of Venezuelan leader Nicolás Maduro will have on global oil supplies. Venezuela holds the world’s largest oil reserves, but production is currently relatively low. If this changes, it could shake up the oil market considerably, writes the ANP. During the consultations, which lasted less than 10 minutes, delegates did not discuss the situation in Venezuela. According to the latest reports, oil exports there are at a standstill for the time being.

In the Netherlands

Fuel prices in the Netherlands fluctuated widely last year, partly due to geopolitical turmoil. On balance, refuelling became slightly cheaper. However, prices have risen sharply again in recent days as excise duties on fuel were raised by several cents from 1 January.

Also read:

This article was automatically translated from the Dutch language original to English (British).

Author: Nina Koelewijn

Source: MobilityEnergy.com

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