OPEC+ confirmed on Sunday that it will maintain its production levels, extending a three-month halt initially announced in early October. This decision comes in response to uneven demand and perceived risks of overproduction in the upcoming year.
Market operators are also assessing new geopolitical risks following heightened rhetoric from U.S. President Donald Trump against Venezuela over the weekend. Trump threatened to consider the country's airspace as "closed," although he later softened this statement.
Despite the surge in oil prices, gains remain limited by the potential for a peace agreement between Russia and Ukraine. Such an agreement could lead to the lifting of sanctions on Russian oil, thereby increasing global supply.
In November, oil prices experienced a fourth consecutive month of decline, driven by ongoing concerns about excess supply in the market.
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