Oil Prices Climb After OPEC+ Announces Modest Output Hike ...Middle East

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Oil Prices Climb After OPEC+ Announces Modest Output Hike
source : OILPRICE ( Middle East ) () 60
On Sunday, OPEC+ agreed to raise oil output by 137,000 barrels per day (bpd) from November. The increase is equal to the one adopted in October, with markets seeing it as a cautious step amid persistent fears of an oversupplied market. This relatively modest increase came after the group hit back at rumors of a potential 500,000 bpd increase. So far this year, the OPEC+ alliance has increased its output targets by more than 2.7 million bpd, representing approximately 2.5 % of global demand. The group clearly remains intent on reclaiming market…

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