Oil Prices Edge Higher After OPEC+ Pauses Output Hikes

2025-11-03 04:01:23

(MENAFN- Gulf Times) Oil prices rose in early Asian trading on Monday after OPEC+ announced a pause in output hikes during the first quarter of 2026, reflecting a cautious stance amid ongoing demand uncertainty.

Brent Crude gained 0.47% to trade at $65.24 per barrel, after closing $0.07 higher on Friday. West Texas Intermediate (WTI) rose 0.45% to $61.43 per barrel.

During an online meeting on Sunday, eight OPEC+ member states agreed to raise production by 137,000 barrels per day in December 2025, consistent with the increases implemented in October and November. The group subsequently announced a pause on further output hikes for January, February, and March 2026, citing "seasonality" and typically weaker demand during the first quarter.

Both Brent and WTI fell by more than 2% in October, marking their third consecutive monthly decline and hitting their lowest levels in five months on October 20, amid concerns about oversupply and economic uncertainty linked to potential US tariff measures.

Oil prices Opec+ demand Brent Crude

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