Oil prices climbed to multi-year highs shortly after a group of some of the world’s most powerful oil producers opted against a big supply boost.
Now energy analysts believe crude prices could be poised to rally toward $100 a barrel.
OPEC and non-OPEC partners, a group collectively referred to as OPEC+, said Monday that it would stick to its existing pact for a gradual increase in oil supply.
OPEC+ said it had “reconfirmed the production adjustment plan” in a statement published online shortly after relatively swift ministerial talks. This referred to its previously agreed decision to add 400,000 barrels per day to the market for the month of November.