After the decision of OPEC+ to maintain its production in the first quarter of next year, oil prices have climbed on Monday.

The price of Brent crude oil has increased by 28% cents, or 0.43%, to reach $65.05 per barrel at 07:22 GMT.

The American Crude Oil Price West Texas Intermediate was $61.23 per barrel, up 25 cents, or 0.41%.

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Sunday to increase their production of 137,000 barrels per day in December, which is as much as in October and November.

“Beyond December, due to seasonality, the eight countries also decided to suspend production increases in January, February and March 2026,” the group said in a statement.

Brent and WTI both fell by more than 2% % in October, registering their third consecutive month of decline, reaching a five-month low on October 20 due to fears of overabundance of supply and economic concerns related to the rights of American customs.