Oil Prices Steady Amid OPEC+ Focus, Geopolitical Tensions in 2026

• Oil prices steadied in early 2026 after their largest annual drop since 2020, influenced by upcoming OPEC+ meeting and geopolitical concerns.
• OPEC+ members, including Saudi Arabia and Russia, plan a January 4 meeting, expected to maintain their decision to halt further supply increases.
• US sanctions targeted companies and vessels involved in Venezuela's oil exports, escalating geopolitical tensions.
• Russia and Ukraine exchanged attacks on Black Sea ports, causing infrastructure damage, including a refinery.
• Despite short-term geopolitical support, oversupply concerns and potential Ukraine peace could lead to lower prices in Q1, following a 20% crude retreat last year.

Why It Matters: Oil prices stabilize in 2026, balancing OPEC+ decisions with global geopolitical and oversupply risks.