Woodside Energy Group's (ASX:WDS) shares were up almost 0.6% and those of Santos (ASX:STO) were up nearly 0.5% in early trading on Monday after the Organization of the Petroleum Exporting Countries (OPEC) said on Sunday that oil-producing countries agreed to pause production hikes in the first three months of 2026.

The organization said it would increase production by 137,000 barrels per day starting in December and then pause the production increments in January, February, and March 2026, due to "seasonality."