Oil prices remained steady on Monday despite OPEC+ deciding to suspend planned production increases in the first quarter of next year, as markets were weighed down by concerns over a potential oil surplus and weak manufacturing data in Asia.
اضافة اعلان
Brent crude futures rose $0.12 (0.2%) to $64.89 per barrel.
U.S. West Texas Intermediate (WTI) rose $0.07 (0.1%) to $61.05 per barrel.
OPEC and its allies, collectively known as OPEC+, agreed to increase production by 137,000 barrels per day in December while pausing further increases in Q1 2026. Analysts at Riterbosch & Co. noted that the small December increase was offset by the planned suspension of output growth next year, limiting negative price impacts.
Market outlook:
Morgan Stanley raised its Brent forecast for H1 2026 from $57.50 to $60 per barrel, citing OPEC+’s production pause.
The International Energy Agency (IEA) projects a global oil surplus of 4 million barrels per day in 2026, while OPEC expects a balance between supply and demand.
RBC Capital highlighted Russia’s continued impact on supply volatility, due to U.S. sanctions on Rosneft and Lukoil, plus ongoing attacks on Russian energy infrastructure.
Regional demand: Weak manufacturing activity in major Asian economies, the world’s largest oil-consuming region, added further caution to markets.
Despite these mixed signals, oil prices remained broadly stable.
