Oil prices up by more than $2 per barrel after OPEC decision
OPEC and allied oil producing countries have stayed with their cautious approach to restoring oil production slashed during the pandemic, agreeing to add 400,000 barrels per day in November.
The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every month until deep cuts made in 2020 to support prices during the depth of the pandemic recession are restored next year.
The situation has changed since then as the global economy recovers. The decision comes amid stronger demand for oil products like gasoline and jet fuel, as driving and flying pick up around the globe due to the easing of restrictions aimed at containing the COVID-19 pandemic.
The price of a barrel of crude jumped by 3%, or $2.32, to $78.17 on the New York Mercantile Exchange, the highest since 2014.