Oil Market Watch: OPEC+ Talks, Venezuela Sanctions Shape 2026 Start

• Oil prices steadied on the first trading day of 2026, following its biggest annual drop since 2020.
• Traders are closely monitoring an upcoming OPEC+ meeting and geopolitical developments.
• OPEC+ members are expected to reaffirm their November decision to halt further supply hikes.
• The Trump administration sanctioned companies for evading Venezuela's oil export curbs.
• Concerns about a record 3.8 million barrels/day oil glut persist, as forecast by the IEA.

Why It Matters: Global oil market faces uncertainty from OPEC+ meeting, Venezuela sanctions, and a looming record supply glut.