(MENAFN) Oil prices edged downward on Tuesday after eight members of the OPEC+ coalition, including both OPEC and non-OPEC producers, opted to defer planned production increases during the first quarter of next year.

At 9:15 a.m. local time (0615 GMT), Brent crude was trading at $64.56 per barrel, falling roughly 0.4% from its previous close of $64.81.

Meanwhile, the U.S. benchmark West Texas Intermediate (WTI) also declined by 0.4%, reaching $60.66 compared to $60.90 in the prior session.

The eight OPEC+ members—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—decided on Sunday to boost oil output by 137,000 barrels per day (bpd) in December while postponing further increases from January through March 2026 due to seasonal factors, according to OPEC’s statement.

Market participants interpreted this decision as a sign of a potential supply surplus in the coming year, exerting downward pressure on prices.

The modest December increase represents a gradual reversal of the 1.65 million bpd voluntary cuts announced in April 2023 and occurs amid what OPEC described as "healthy market fundamentals" and low oil stockpiles.

Producers also reiterated their commitment to continuously monitor market trends and retain the flexibility to pause or reverse any adjustments, including the 2.2 million bpd voluntary reductions declared in November 2023.

They had previously approved a similar 137,000-bpd increase for November.

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