Oil prices rise moderately after announcement of production decisions by eight OPEC+ countries

Global oil prices rose on Monday morning following the announcement of production levels by eight OPEC+ countries, Report informs referring to trading data.

The price of January Brent crude oil futures increased by 0.39% from the previous close, to $65.02 per barrel, while December WTI futures rose by 0.39%, to $61.23.

On Sunday, the eight OPEC+ countries (Saudi Arabia, the UAE, Kazakhstan, Russia, Iraq, Kuwait, Algeria, and Oman) decided to increase their December oil production cap by an additional 137,000 barrels per day from November levels, but also announced a pause in production increases for the period January-March 2026 due to seasonality.