OPEC+ agrees to stick to oil production plan, defying U.S. pressure

[superadmin]

• The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.
  
• Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain.
  

OPEC and its oil-producing allies have agreed to continue with their current output plan, deciding against loosening the taps in the face of multiyear highs in crude prices and U.S. pressure to help cool the market.

The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.

Russian Energy Minister Alexander Novak told a news conference Thursday: “The decision was made previously to increase production by 400,000 (barrels per day) every month, and I underscore every month, until the end of 2022. Today the decision was reiterated to maintain current parameters which were decided on earlier.”

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