Oil prices rose on Monday by more than 1.5%, following the OPEC+ coalition’s decision to maintain current production levels without changes. A new mechanism for assessing the production capacities of member countries and their production quotas will be implemented starting in 2027.
Brent crude futures increased by 94 cents, or 1.51%, reaching $63.32 per barrel. Meanwhile, West Texas Intermediate crude saw a rise of 90 cents, or 1.54%, bringing its price to $59.45 per barrel. The OPEC+ coalition confirmed in a statement released after their semi-annual meeting via video conference that participating countries agreed to the mechanism established by the Secretariat for evaluating the maximum sustainable production capacities of member states, which will form the basis for reference production levels for all member countries in 2027.
The same source added that the coalition countries will suspend production increases during the first three months of 2026.
