OPEC+ agrees slight oil production hike

The eight key members of the OPEC+ alliance, including Saudi Arabia and Russia, on Sunday said they had agreed a further slight hike to their oil production.

The 137,000-barrels-per-day-hike will apply from December and remain at that level for the following three months, signifying a “pause” in what had been regular increases since April this year, the group said in a statement following a virtual meeting.

The announced increase tallied with analyst expectations.