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
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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.