economy
February 2, 2026
OPEC+ notes high volatility on oil market amid geopolitical risks
Another factor, in his words, is the risk of blocking the Strait of Hormuz
TL;DR
- OPEC+ noted high oil market volatility and uncertainty due to geopolitical factors.
- Key geopolitical concerns mentioned include developments in Venezuela and Iran, and risks associated with the Strait of Hormuz.
- The Strait of Hormuz is a critical route for oil transportation, accounting for approximately 30% of global oil and 13% of maritime traffic.
- Eight OPEC+ nations agreed to maintain oil production quotas at the December 2025 level and pause production increments until March 2026.
- The JMMC assessed compliance with the OPEC+ deal and recommended keeping the oil production policy unchanged.
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