Crude oil prices remained stable in midday trading on Monday, January 5th, the opening session of the week, as investors assessed the impact of geopolitical tensions stemming from the arrest of the Venezuelan president on oil supplies. OPEC+ reaffirmed its decision to suspend production increases in the first quarter of next year at its meeting held over the weekend on Sunday. Brent crude was down about 1.05%, trading at $60.72 per barrel, while US crude (WTI) was down about 0.02% at $57.33 per barrel.

The OPEC+ alliance, led by Russia, decided on Sunday to renew its November commitment to suspend production increases in the first quarter of next year due to seasonal factors. The voluntary cuts of 1.65 million barrels per day may be partially or fully reinstated gradually, depending on market developments.

Crude prices are affected by the turmoil in the country with the largest oil reserves in the world, where geopolitical tensions and risks have risen following the US arrest of Venezuelan President Nicolas Maduro over the weekend, with Trump announcing that his country intends to take over Venezuela, prompting investors to begin assessing the implications of this move on global crude supplies.