Oil prices rise over OPEC+ output plan

Oil prices rose on Monday, December 1, 2025, after OPEC+ members reaffirmed a plan to hold output steady.

Brent crude futures advanced $1.01, or 1.62%, to $63.39 a barrel at 0401 GMT, while U.S. West Texas Intermediate crude gained $1, or 1.71%, to $59.55.

Both contracts settled down on Friday for the fourth straight month, their longest losing streak since 2023, as expectations for higher global supply weighed on prices.

The Organization of the Petroleum Exporting Countries and its allies initially agreed on a pause in early November, slowing a push to regain market share with looming fears of a supply glut.

After a meeting on Sunday, OPEC+ said it “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments.”

Dangote promises to supply 1.5bn litres of PMS monthly to avert festive-season scarcity

The move was widely expected by market participants.

LSEG senior analyst Anh Pham said the market this morning reacted positively to the news.

“For some time, the narrative has centered on an oil glut, so OPEC+’s decision to maintain its production target provided some relief and helped stabilise expectations for supply growth in the coming months,” Pham told Reuters.

In Europe, increasing uncertainty around a Russia-Ukraine peace deal reversed the bearish sentiment of the past two weeks, when a peace deal looked closer and raised the prospect of large volumes of Russian oil flooding the market.

Ukraine’s military, via social media, on Saturday said it had hit a Russian oil refinery as well as the Beriev military aviation plant in the Rostov region.

The Star