Baghdad: Oil prices rose 1% in early Asian trading on Monday following the OPEC+ alliance’s announcement of a smaller-than-expected increase in monthly oil production, alleviating some concerns about a potential supply glut.

According to National Iraqi News Agency, Brent crude futures increased by 63 cents, or 1%, reaching $65.16 a barrel. Meanwhile, U.S. West Texas Intermediate crude climbed 58 cents, or 1%, to settle at $61.46 a barrel.

The OPEC+ alliance revealed on Sunday that it would raise oil production in November by 137,000 barrels per day. This amount mirrors the modest increase made in October, amid continuous concerns regarding a looming supply glut.

The decision to increase oil production is part of the eight-member alliance’s additional voluntary cuts of 1.65 million barrels per day, which were announced in April 2023 and are set to take effect in November 2025.