Brent rose 40 cents to $77.01 a barrel, WTI climbed 40 cents to $71.98.

On the margins of this year’s United Nations Climate Change Conference (COP28), IAEA Director General Rafael Mariano Grossi and OPEC Fund Director General Abdulhamid Alkhalifa signed Practical Arrangements on Cooperation in the Area of Climate Adaptation to enhance collaborative efforts by both entities to develop and implement joint projects on climate adaptation.

The nation’s plants processed 5.33 million barrels of crude a day in the first six days of the month, down about 81,000 barrels a day from the prior week’s average, according to a person with knowledge of industry data.

Brent climbed 1 cents to $77.21 a barrel, WTI were down 4 cents at $72.28 a barrel.

These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024.

The Worldwide Rig Count for November was 1,794, up 17 from the 1,777 counted in October 2023, and down 96, from the 1,890 counted in November 2022.

Brent fell 15 cents, or 0.2%, to $82.95 a barrel, WTI rose 12 cents, or 0.2%, at $77.98 a barrel.

Brent fell 37 cents, or 0.5%, to $80.21 a barrel, WTI were at $75.18 a barrel, down 36 cents, or 0.5%.

With global oil demand set to moderate in the first quarter of 2024, the OPEC+ alliance appears set to extend its production cuts, though the duration is yet to be determined, analysts say. As well, deeper cuts could be considered, some OPEC+ officials have hinted.

Brent were down $1.04, or 1.3%, at $80.92 a barrel, WTI dipped 90 cents, or 1.2%, to $76.20.