OPEC Maintains Oil Output Amid Political Turmoil; Prices Drop

OPEC, including Nigeria, decided to keep oil output unchanged amidst political crises in member countries like Russia, Iran, and Venezuela. The oil market experienced an 18% price drop in 2020 due to oversupply worries.

Saudi Arabia, UAE, and other OPEC members exceeded their output quotas, aiming to regain market share. The meeting did not address the Venezuela situation.

Jorg Leon from Rystad Energy highlighted the impact of political uncertainties on oil markets.