Oil prices rose after OPEC+ decided to suspend production hikes in the first quarter of next year. The group had previously agreed to a modest oil‑output increase for December, prompting Brent crude futures to climb 24 cents, or 0.37%, to $65.01 a barrel, while U.S. West Texas Intermediate rose 21 cents, or 0.34%, to $61.19 a barrel.
The increase follows OPEC+’s monthly meeting, where eight member countries—including Saudi Arabia, Russia and the United Arab Emirates—approved a December output target boost of 137,000 barrels per day. The alliance has been moderating its plans to regain market share amid growing fears of a supply glut. Since April, OPEC+ has raised output targets by roughly 2.9 million barrels per day, but slowed the pace from October as oversupply predictions intensified.
New Western sanctions on OPEC+ member Russia add further challenges, as Moscow may find it difficult to raise output after the United States and Britain imposed additional measures on top producers. Oil prices had slipped to a five‑month low of about $60 a barrel on 20 October due to concerns about a looming glut, but have since recovered to around $65 a barrel, buoyed by Russian sanctions and optimism surrounding U.S. talks with trade partners.
OPEC+ had been cutting output for several years until April, with total reductions peaking at 5.85 million barrels per day in March. The group is now unwinding voluntary cuts, while the final element of the cuts for the entire alliance is slated to remain in place until the end of 2026. Eight OPEC+ members will meet again on 30 November—the same day as a full OPEC+ meeting—to reassess their strategy.
This decision by OPEC+ is significant because it seeks to balance the global oil market and stabilize prices. The outcome of the upcoming meeting will be closely watched by the industry, as it could shape the direction of oil prices in the coming months.
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