Crude oil futures traded higher on Monday morning after OPEC+ (Organization of Petroleum Exporting Countries and allies) announced that it would pause production hikes in Q1 2026 following an increase in December.
At 9.37 am on Monday, January Brent oil futures were at $65.03, up by 0.40 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $61.21, up by 0.38 per cent.
November crude oil futures were trading at ₹5450 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5422, up by 0.52 per cent, and December futures were trading at ₹5435 against the previous close of ₹5409, up by 0.48 per cent.
An OPEC+ press release said that the eight OPEC+ countries (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman), which previously announced additional voluntary adjustments in April and November 2023, met virtually on November 2, to review global market conditions and outlook.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be implemented in December 2025.
Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February, and March 2026,” it said.
The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.
The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
November mentha oil futures were trading at ₹941.80 on MCX during the initial hour of trading on Monday against the previous close of ₹935.50, up by 0.67 per cent.
Published on November 3, 2025