OPEC+ sticks to planned moderate hike in output

London: The Organization of Petroleum Exporting Countries (OPEC)) and its key allies decided at a meeting on Monday to stick to planned moderate increases in output for November despite market expectations that the alliance would further boost production in order to dampen soaring crude prices.

A statement released after the brief videoconference meeting of the OPEC+ alliance said that participants had agreed to stick to the schedule agreed in July, namely to “adjust upward the monthly overall production by 0.4 million bpd (barrels per day) for the month of November 2021”.