Crude Oil Prices Supported by Geopolitical Tensions

Group 1 - Crude oil and gasoline prices increased due to heightened geopolitical risks in Venezuela and Russia, alongside a positive stock market rally that boosted economic outlook and energy demand [1][2] - The U.S. has implemented a blockade on sanctioned oil tankers in Venezuela and is considering further sanctions on Russian energy exports, which could impact global oil supply [2] - Recent Ukrainian attacks on Russian refineries have limited Russia's crude export capabilities, contributing to a decrease in global crude supplies [4] Group 2 - OPEC+ has decided to pause production increases in Q1 of 2026, following a planned increase of 137,000 barrels per day (bpd) in December, in response to an anticipated global oil surplus [5] - The International Energy Agency (IEA) has projected a record global oil surplus of 4.0 million bpd for 2026, indicating potential challenges for oil prices [5] - OPEC's crude production fell by 10,000 bpd to 29.09 million bpd in November, reflecting ongoing adjustments to production levels in light of market conditions [5]