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The OPEC+ group maintained its existing oil production levels, extending a pause into early 2026. This decision reflects a cautious approach by the alliance amid emerging supply risks. A significant factor cited is the potential for increased oil exports from Venezuela, following expressions of support for its continued OPEC membership. Separately, legal proceedings continued against a former OPEC president on corruption charges in the United Kingdom.
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Jan 19
OPEC+ keeps oil production steady as Trump backs Venezuela's membershipThe OPEC+ group of oil-producing countries decided to keep their current oil output levels steady, extending a production pause into early 2026. The group is being cautious, partly because of supply risks from Venezuela, where political turmoil has led to a potential U.S. takeover of its oil industry. In related news, President Donald Trump expressed support for Venezuela to remain a member of OPEC. Meanwhile, a former president of OPEC, Alison-Madueke, is facing a corruption trial in a UK court.