Brent steady amid firm OPEC+ stance

The front-month ICE Brent contract has risen by $0.02/bbl on the day from Friday, to trade at $63.52/bbl at 09.00 GMT.

IMAGE: Pump jack and flag of OPEC. Getty Images


Upward pressure:

Oil prices have received support as OPEC+ members reaffirmed their plan to hold output steady, and the Caspian Pipeline Consortium suspended exports following a major drone attack.

After its 40th OPEC and non-OPEC ministerial meeting on Sunday, the group said eight OPEC+ members will keep oil production unchanged through the first quarter of 2026 — a move widely expected by market participants, who reacted positively to the announcement.

“The decision highlights some caution by the alliance and still leaves the market facing a significant glut of oil in early 2026,” noted ANZ Bank senior commodity strategist Daniel Hynes.

The Caspian Pipeline Consortium — whose shareholders include Russia, Kazakhstan and the US — reported that it halted operations after a mooring at its Russian Black Sea terminal was damaged by a Ukrainian drone over the weekend, Reuters said. This disruption has added some upward pressure on Brent.

“Oil prices are trading firmer… following additional attacks on Russian energy infrastructure over the weekend,” commented two analysts from ING Bank.

Fresh uncertainty was added on Saturday when US President Donald Trump said “the airspace above and surrounding Venezuela” should be considered closed, according to Reuters, given the country’s role as a major producer.

“Adding support to the market is increasing supply risks for Venezuelan crude oil after President Trump said he's considering closing the airspace over the nation,” two analysts from ING Bank added.

Downward pressure:

The US Energy Information Administration (EIA) reported a strong build in crude inventories, which has curbed some of Brent’s gains today.

Commercial crude stocks rose by 2.8 million bbls to 427 million bbls in the week ending 21 November, according to EIA data.

By Tuhin Roy

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