OPEC+ Meeting Ends With Minor Oil Production Hike

OPEC+ Meeting Ends With Minor Oil Production Hike
(Eli Hartman/Odessa American via AP, file)
The OPEC+ meeting has ended with rather disappointing news for those that were hoping for a surprise increase in oil production. The group has agreed to keep the production plans unchanged—adding back 400,000 bpd in November.
That was the original plan, but oil prices have been on the rise, and a gas crunch in Europe and in Asia, and pleas from the United States had given the market hope that OPEC+ may consider adding even more production back into the quota for the month of November.
But a quick 25-minute JMMC meeting ended the conjecture, according to sources.
Oil prices climbed on the news.
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