OPEC decided to maintain current production levels into 2026 on fears of a global glut.
Oil prices rose over $1 a barrel on Monday after drone attacks by Ukraine, rising tensions between the United States and Venezuela, and a decision by global oil producers to keep output levels unchanged in the first three months of 2026.
OPEC+—a coalition of the Organization of the Petroleum Exporting Countries and 10 non-member, oil-exporting countries that coordinate global oil production—decided Sunday to maintain current production levels.
The production decision aligned with delegates who were concerned about a potential supply glut in the market.
Market reaction to the meeting was muted but positive, with oil trading higher. Brent crude rose 1.27 percent to end at $63.17, while West Texas Intermediate increased half a percent to settle at $59.59 Monday….