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OPEC, Russia Agree to Keep Boosting Oil Output, Sending Prices Lower

OPEC and a group of Russia-led oil producers have agreed to stick to their plan to gradually pump more crude, according to people familiar with the deal, despite worries about demand following the identification of a new Covid-19 variant.

The Organization of the Petroleum Exporting Countries and allied producers led by Russia—which together call themselves OPEC+—said they would raise their collective production by another 400,000 barrels a day in January, people familiar with the matter said. The group agreed earlier this year to boost output in such increments each month, until production reaches pre-pandemic levels.

OPEC, Russia Agree to Keep Boosting Oil Output, Sending Prices Lower Source link OPEC, Russia Agree to Keep Boosting Oil Output, Sending Prices Lower

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