OPEC, Russia agree to keep boosting oil output, sending prices lower

Thursday’s deal drove Brent crude, the international oil benchmark, down by 1.9% to around $67.50 a barrel, while WTI fell by 2.1% to roughly $64.20 (Photo: Reuters) — Thursday’s deal drove Brent crude, the international oil benchmark, down by 1.9% to around $67.50 a barrel, while WTI fell by 2.1% to roughly $64.20 **(Photo: Reuters)**

1 min read . Updated: 02 Dec 2021, 09:13 PM IST Summer Said, The Wall Street Journal

OPEC+ had considered pausing production rises as Omicron fueled concerns about demand, and the US released stockpiles

OPEC+ had considered pausing production rises as Omicron fueled concerns about demand, and the U.S. released stockpiles

OPEC and a group of Russia-led oil producers have agreed to stick to their plan to gradually pump more crude, according to people familiar with the deal, despite worries about demand following the identification of a new Covid-19 variant.

The Organization of the Petroleum Exporting Countries and allied producers led by Russia—which together call themselves OPEC+—said they would raise their collective production by another 400,000 barrels a day in January, people familiar with the matter said. The group agreed earlier this year to boost output in such increments each month, until production reaches pre-pandemic levels.

Thursday’s deal drove Brent crude, the international oil benchmark, down by 1.9% to around $67.50 a barrel, while West Texas Intermediate fell by 2.1% to roughly $64.20.

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