Oil prices rose on Monday driven by the OPEC+ group's reiteration of its decision to keep production unchanged in the upcoming quarter, the renewed increase in supply concerns stemming from US's move to close Venezuela's airspace and attacks on commercial vessels in the Black Sea.
International benchmark Brent crude was trading at $63.38 per barrel at 10 a.m. local time (0700 GMT), up 0.22% from the previous close of $63.24.
US benchmark West Texas Intermediate (WTI) also increased by about 0.15% to $59.59, compared to $59.50 in the prior session.
The eight OPEC+ members — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — reaffirmed their Nov. 2 decision to pause production increases planned for January, February and March 2026.
The statement followed an online meeting on Sunday to review global market conditions and the outlook. The countries also reiterated that the additional voluntary production cut of 1.65 million barrels per day announced in April 2023 could be partially or fully phased out depending on market developments.
OPEC said market conditions will continue to be closely monitored and assessed, adding: "In their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023."
The group set Jan. 4, 2026 as the date for its next meeting.
- Geopolitical tensions support prices
Geopolitical tensions also continue to lend upward support to prices. US President Donald Trump announced that Venezuela's airspace and surrounding areas will be completely closed.
"All airlines, pilots, drug dealers and human traffickers, please note that Venezuela and the surrounding airspace will be completely shut down," said Trump.
Trump previously signed an executive order instructing the military to be used more extensively and effectively to combat Latin America-based drug cartels on the ground.
Russian Foreign Ministry Spokeswoman Maria Zakharova also issued a written statement on the attack targeting the vessels "KAIROS" and "VIRAT" while they were sailing in international waters in the Black Sea.
Zakharova described the attack as an "act of terrorism" and condemned it. She noted that the Caspian Pipeline Consortium (CPC) was also targeted, adding that these attacks represent an attempt to undermine international efforts to achieve sustainable peace in Ukraine.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr