Oil prices hold steady as big OPEC+ meeting nears

Business Jan 02, 2026

Oil prices aren't moving much after their sharpest yearly drop since 2020—WTI is just above $57 a barrel, Brent is under $61.
All eyes are on the upcoming OPEC+ meeting, where Saudi Arabia and Russia are expected to stick with their plan not to boost production anytime soon.

Tensions, sanctions, and a possible oil glut ahead

Global politics are shaking up the oil scene: new US sanctions target Venezuela's exports, while fighting in Ukraine has damaged key ports.
Even though prices dropped about 20% last year, analysts say these tensions could cause short-term spikes.
Looking ahead, the International Energy Agency warns that 2026 might see way more oil than needed—about 3.8 million barrels extra per day—which could push prices down again.