Oil prices rise as OPEC+ decides to ease production cuts
Oil prices ticked up on Monday as OPEC+—the big group of oil-producing countries—decided to ease up on boosting production.
With global demand steady and oil supplies running low, Brent crude hit $66.29 (up 1.21%) and West Texas Intermediate reached $62.60 (up 1.18%) by Monday morning.
What are the key details?
Starting October 2025, OPEC+ (think Saudi Arabia, Russia, and friends) will increase production by 137,000 barrels per day (reducing their voluntary production cut by that amount) after months of larger increases.
They say this move helps keep the market balanced and stable—and they're keeping a close eye on things in case more changes are needed.
Plus, with possible new US sanctions on Russia in the mix, supply could get even tighter; India's crude futures also saw a bump to ₹5521 (up 1.36%).