Oil Climbs Over 1% as OPEC+ Holds Output Steady and Geopolitical Risks Mount

Oil prices rose more than 1% in Asian trading on Monday, supported by OPEC+’s decision to keep production unchanged in the first quarter and by renewed supply concerns linked to geopolitical tensions.

By 20:52 ET (01:52 GMT), February Brent crude futures were up 1.2% at $63.13 per barrel, while WTI crude futures gained 1.2% to $59.27 per barrel.

OPEC+ Reaffirms Output Pause

OPEC and its allies (OPEC+) on Sunday reiterated plans to pause production hikes through the first quarter of next year, maintaining around 3.24 million barrels per day in voluntary output cuts.

The group signaled a cautious stance as it faces uneven demand trends and the risk of a potential oversupply in 2026.
OPEC+ also agreed on a mechanism to reassess members’ maximum production capacities between January and September 2026, paving the way for setting baseline quotas for 2027.

Traders Weigh Supply Risks

Markets also reacted to fresh supply risks stemming from U.S. President Donald Trump’s comments on Venezuela, after he said he was considering closing the airspace over the country.

Additional support for crude came from weekend attacks on Russian energy infrastructure, which disrupted export flows.