Iran, OPEC and oil output
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Iran’s crude oil production edged down marginally in December 2025 even as overall output by the Organization of the Petroleum Exporting Countries (OPEC) increased, according to the group’s latest monthly report.
Oil prices surged last week as geopolitical risk linked to Iran intensified and speculative positioning adjusted, pushing the curve back into backwardation. While supply constraints and OPEC+ delivery issues continue to underpin prices,
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OPEC+ sticks with supply pause even as oil climbs on Iran
Eight key members led by Saudi Arabia and Russia reaffirmed the pause — first agreed in November — during a video conference on Sunday, the group said in a statement.
Eight major participants, spearheaded by Saudi Arabia and Russia, reconfirmed the suspension — initially established in November 2025 — via a Sunday video summit
LONDON — A group of some of the world's most powerful oil producers agreed on Tuesday to continue gradually easing production cuts amid a rebound in oil prices. Stream Los Angeles News for free, 24/7, wherever you are. OPEC and its oil-producing allies ...