Novak notes high volatility on oil market amid Iran situation

The OPEC+ nations have noted the high oil market volatility amid the geopolitical tensions stemming from the development around Venezuela and Iran, Russian Deputy Prime Minister Alexander Novak said.

"It was noted today that the market is characterized by high volatility and uncertainty linked with geopolitical factors, first of all with what happened in Venezuela and risks linked with Iran. After all, these are the countries that are among the leading oil exporters and are OPEC members," Alexander Novak said.

Another factor, in his words, is the risk of blocking the Strait of Hormuz.

"As we know, the situation in the Strait of Hormuz is also tense. Around 30% of global oil is transported via this route, which accounts for 13% of maritime traffic," Alexander Novak said.

Earlier in the day, the eight OPEC+ nations have agreed to pause production increments in March 2026 and keep oil production quotas at the December 2025 level.

The JMMC assessed the alliance’s oil production data for November and December 2025, noting the compliance with the OPEC+ deal.