OPEC+ sticks to existing oil output pact as prices soar

OPEC+ agreed to stick to its original plan to add 400,000 barrels per day to markets in November despite growing calls to further loosen the taps.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, agreed to stick to its existing plan to add 400,000 barrels per day (bpd) of oil to the global market in November amid a worsening global energy crunch.

Monday’s decision came amid calls for the oil cartel to further loosen the taps in order to cool heated prices. Instead, oil prices soared on news of the decision, with global benchmark Brent hitting above $81 a barrel.

United States West Texas Intermediate crude rose to $78 Monday, after gaining for the past six weeks.