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OPEC+ Sticks With Planned Supply Hike as Oil Demand Improves

  • Cartel is adding 400,000 barrels a day to market each month
  • Agreement was reached after less than an hour of online talks
Bloomberg business news
OPEC+ Agrees to Stick to Oil-Production Schedule
Updated on

OPEC and its allies agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference. 

Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent memory and a stark contrast to the drawn-out negotiations seen in July.