Oil Prices Rise Supported by “OPEC+” Production Plan

Oil prices rose on Monday after the “OPEC+” group reaffirmed its commitment to freezing production increases during the first quarter of 2026, amid ongoing concerns about supply levels.اضافة اعلان

As of 09:15 Moscow time, U.S. crude (West Texas Intermediate) futures for January increased by 2.39% to $59.94 per barrel.
Meanwhile, global benchmark Brent futures for February rose by 2.29% to $63.80 per barrel.

The eight “OPEC+” countries renewed their decision to suspend production increases during January, February, and March of 2026, due to seasonal factors.

Following its meeting on Sunday, the “OPEC+” group stated that it “reaffirmed the importance of taking a cautious approach and maintaining full flexibility to continue pausing or reversing additional voluntary production adjustments.”

The decision by “OPEC+” was widely anticipated by market participants.

Anh Pham, an analyst at “LSEG,” said that the group’s decision on Sunday eased supply glut concerns and helped temper expectations of supply growth in the coming months.
—(Agencies)