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2025-11-03 07:34:47
[Oil Prices Rise, OPEC+ to Halt Production Increases in Q1 2020] After a slight production increase in December, OPEC+ will halt production increases in the first quarter of 2020 as the organization seeks to balance its market share battle with signs of oversupply. Oil prices rose, with Brent crude futures climbing above $65 a barrel and WTI crude futures hovering around $61. At a video conference on Sunday, key members, led by Saudi Arabia, agreed to increase production by 137,000 barrels per day next month, consistent with the increases planned in October and November, before suspending production increases from January to March. Demand is typically weak in the first quarter, and delegates said the decision to halt production increases from January reflects expectations of a seasonal slowdown in demand.
