Oil prices climbed as much as 1.5% on Monday after OPEC+ reaffirmed its plan to pause production increases in the first quarter of next year, while rising geopolitical tensions involving Venezuela added new uncertainty to the supply outlook.
Brent crude later pared gains but remained up 0.98% at $62.99 a barrel by 0052 GMT. U.S. West Texas Intermediate traded at $59.12, up 0.99%.
OPEC+ first agreed to pause output hikes in early November amid concerns that expanding supply risked deepening a looming global glut. Following Sunday’s meeting, the group emphasized the need for “full flexibility” to continue pausing or reverse voluntary production adjustments if market conditions weaken.
Monitor global crude supply risks and OPEC+ policy shifts with our real-time oil dashboard.
Commonwealth Bank analyst Vivek Dhar said the outcome was widely anticipated, given the alliance’s earlier decision and ongoing fears of oversupply.
Fresh uncertainty emerged after U.S. President Donald Trump signaled the possibility of closing Venezuelan airspace — a move that could disrupt the operations of the major South American producer. ING analysts noted that rising supply risks tied to Venezuela were providing additional support to crude prices.
Trump said he had spoken with Venezuelan President Nicolas Maduro but declined to offer details, adding, “Don’t read anything into it,” when asked about the implications.
In Europe, geopolitical risks resurfaced as uncertainty surrounding the Russia–Ukraine peace outlook reversed the market’s prior bearish sentiment. Ukrainian forces claimed strikes on a Russian oil refinery and the Beriev aviation plant in the Rostov region. In a separate incident, Ukrainian naval drones hit two sanctioned tankers headed to a Russian Black Sea port for oil loading.
U.S. and Ukrainian officials held discussions in Florida on Sunday, with U.S. Secretary of State Marco Rubio describing the talks as “very productive,” though he stressed that more work is needed to resolve the conflict now entering its third year.
AsianForexHub Quick View
- Brent up 0.98% at $62.99; WTI up 0.99% at $59.12
- OPEC+ maintains Q1 2026 output pause amid glut concerns
- U.S.–Venezuela tensions add new supply risks
- Russia–Ukraine strikes revive geopolitical volatility in oil markets
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