{"id":14383,"date":"2025-11-03T08:14:45","date_gmt":"2025-11-03T06:14:45","guid":{"rendered":"http:\/\/jhb-webdevelopers\/channelafrica\/news\/opec-agrees-to-small-output-increase-in-december\/"},"modified":"2026-02-27T16:26:59","modified_gmt":"2026-02-27T14:26:59","slug":"opec-agrees-to-small-output-increase-in-december","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/opec-agrees-to-small-output-increase-in-december\/","title":{"rendered":"OPEC+ agrees to small output increase in December"},"content":{"rendered":"<div>Brent crude futures rose 24 cents, or 0.37%, to $65.01 a barrel after closing 7 cents higher on Friday. United States (US) West Texas Intermediate crude was at $61.19 a barrel, up 21 cents, or 0.34%, after settling up 41 cents in the previous session.<\/div>\n<div><\/div>\n<div>The Organisation of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise output by 137 000 barrels per day in December, the same as for October and November.<\/div>\n<div><\/div>\n<div>&#8220;Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February, and March 2026,&#8221; the group said in a statement. ING&#8217;s Head of Commodities Research, Warren Patterson said the OPEC+ decision appears to be an acknowledgment of the large surplus that the market faces, particularly through early next year.<\/div>\n<div><\/div>\n<div>&#8220;Obviously, still plenty of uncertainty over the scale of the surplus, which will be dependent on how disruptive US sanctions will be to Russian oil flows,&#8221; he added.<\/div>\n<div><\/div>\n<div>RBC Capital&#8217;s Head of Commodities Strategy, Helima Croft also noted that Russia remains a key supply wildcard in the wake of the US imposing sanctions on top Russian producers Rosneft and Lukoil as well as the ongoing strikes on the country&#8217;s energy infrastructure as part of the Ukraine war.<\/div>\n<div><\/div>\n<div>&#8211;Reuters&#8211;<\/div>\n<div><\/div>\n","protected":false},"featured_media":14384,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-14383","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Oil prices climbed on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, which eased rising fears of a supply glut, but weak factory data in Asia capped the gains","published_date":"2025-11-03 00:00:00","news_description":"Oil prices climbed on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, which eased rising fears of a supply glut, but weak factory data in Asia capped the gains","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/14383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/14383\/revisions"}],"predecessor-version":[{"id":19068,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/14383\/revisions\/19068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/14384"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=14383"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=14383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}