Oil prices rise 2% thanks to OPEC+ production plan

Oil prices in Asia increased by 2% in the trading session on December 1 after members of the Organization of the Petroleum Exporting Countries (OPEC) and partners, also known as OPEC+, reaffirmed plans to keep production unchanged.

Oil rig in Heilongjiang province, China. Photo: THX/TTXVN

At 2:32 p.m. Vietnam time, North Sea Brent crude oil rose $1.22, or 1.96 percent, to $63.60 a barrel. US West Texas Intermediate (WTI) crude oil also rose $1.22, or 2.08 percent, to $59.77 a barrel. Both types of oil hit their highest levels in more than a week during the session.

OPEC+ on November 30 agreed to keep the group's crude oil production unchanged until the end of December 2026, amid concerns about the possibility of a supply glut.

LSEG senior analyst Anh Pham said the oil market had reacted positively to the decision this session. The expert commented that for a while, the main story of the “black gold” market will revolve around the oversupply situation, so the decision to maintain the OPEC+ production target has helped to relieve some pressure and stabilize expectations of supply growth in the coming months.

In addition, the suspension of exports by the Caspian Pipeline Consortium (CPC) following a major drone attack and escalating US-Venezuela tensions also raised supply concerns.

CPC, whose shareholders include Russia, Kazakhstan and the United States, recently announced that it had suspended operations after a wharf at its Black Sea transit terminal (in Russia) was damaged by a Ukrainian drone. The association currently transports more than 1% of global oil.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-tang-2-nho-ke-hoach-san-luong-cua-opec-20251201154828324.htm