Prices rise as OPEC+ pauses output hikes

AWANI

Oil prices climbed after OPEC+ chose to keep production unchanged for Q1 2026. The decision comes amid expectations of a market surplus and geopolitical uncertainty involving Russia and Venezuela.

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00:00Oil prices climbed on Monday after OPEC Plus decided to keep production steady for the first quarter of 2026.

00:09The move comes amid expectations of a market surplus and ongoing geopolitical tensions involving Russia and Venezuela.

00:20Following the announcement, Brent crude rose nearly 2% to $63.60 per barrel, reaching its highest level in over a week.

00:30OPEC Plus is slowing efforts to regain market share over concerns of a potential supply glut.

00:35The group, which produces about half the world's oil, has added roughly 2.9 million barrels per day since April 2025,

00:44while still maintaining 3.24 million barrels per day in output cuts, about 3% of global demand.

00:51The decision comes as the US pushes to broker peace between Russia and Ukraine,

00:55a move that could further affect global supply if sanctions on Moscow are eased.

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