Global oil prices are rising by around 1.5% on Friday morning. The price of January Brent crude futures increased by 1.43% compared to the previous close, reaching $63.91 per barrel, while December WTI futures rose by 1.57% to $59.61 per barrel. Earlier, on November 12, oil prices had fallen by more than $2 per barrel. This drop followed an OPEC report stating that global oil supply in 2026 will match demand. Previously, the organization had forecast a supply deficit in 2026.

On November 2, eight OPEC+ member countries (Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman) announced their intention to suspend increases in oil production in the first quarter of 2026. In its statement, OPEC attributed this decision to seasonality. Indeed, historically, global oil demand declines between January and March. The countries noted that, depending on market conditions, production could gradually return, partially or fully, to previous cut levels.