Global oil prices edged lower on Monday as OPEC+ signaled it would maintain current production levels despite growing concerns about a potential supply surplus.

West Texas Intermediate (WTI) crude traded at $60.38 per barrel, down 0.41%, while Brent crude slipped 0.50% to $65.26. Murban crude also declined by 0.66% to $64.65. Natural gas prices saw sharper losses, falling 3.68% to $6.55.

Sources within the OPEC+ alliance say the group is expected to reaffirm its decision to pause output increases throughout the first quarter of the year when it meets on February 1. The policy, first adopted in November 2025 and confirmed at subsequent meetings, is likely to remain unchanged.

Despite warnings of oversupply and heightened geopolitical uncertainty, the alliance sees no immediate need to adjust its strategy.

Key developments being monitored include evolving oil policies in Venezuela, tensions involving Iran, and the impact of U.S. sanctions and European restrictions on Russian energy exports.

Eight OPEC+ members; Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have been implementing voluntary production cuts since 2023.

The group typically takes a cautious approach during the first quarter, which is traditionally the weakest period for global oil demand.

Meanwhile, Saudi Aramco Chief Executive Amin Nasser has dismissed concerns about a major oil glut, arguing that global demand continues to rise and inventories remain below the five-year average.

Speaking at the World Economic Forum in Davos, Nasser noted that much of the crude held in floating storage consists of sanctioned supplies that are not readily accessible to the global market.

For now, OPEC+ appears comfortable maintaining its current course, opting to monitor market conditions before considering any changes to output policy later in the year.