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(06 Jan 2026, 17:38)

Oil near one-week high, OPEC+ to keep oil production steady

WTI crude oil futures are consolidating around one week high on firm equities. The counter currently trades at $58.61 per barrel, up half a percent on the day after a volatile prior session that ended nearly 2% higher. Prices spiked yesterday as markets reassessed the real supply impact of recent US actions toward Venezuela. Despite holding the world’s largest proven oil reserves, Venezuela contributes less than 1% to global output, limiting the potential for meaningful disruptions to international supply. The bearish tone was reinforced by Saudi Arabia’s decision to cut crude selling prices to Asia for a third consecutive month, underscoring weak demand conditions. Meanwhile, OPEC+ stuck to its plan to pause output increases in Q1 amid lingering concerns over surplus. The producer group confirmed on Sunday that it will keep oil production steady through the first quarter of 2026, as eight key producers reaffirmed their commitment to market stability.
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