OPEC+ Agrees to Slight Increase in Output as Oil Prices Rise

The Organization of Petroleum Exporting Countries (OPEC) and other oil producing countries such as Russia and Saudi Arabia have agreed to slightly increase output beginning next month. The deal was struck by the alliance, known as OPEC+ on Thursday, after a week of online discussions during which oil prices fell in reaction to internal friction on whether to raise or lower oil production output. Under the agreement struck on Thursday, the alliance agreed to increase output by 500,000 barrels per day, despite calls to increase to up to 2 million barrels a day in line with an agreement inked in April. Oil prices were rising as of Thursday, over news of the initial success of several vaccines against the coronavirus. Brent crude closed Thursday at $49.73 a barrel, up more than $2 over the beginning of the week. OPEC+ had cut production in May and June by 9.7 million barrels a day over fallout from the pandemic, which had caused Brent crude to fall below $20 a barrel in April. Production limits were raised in August. OPEC+ has agreed to meet monthly in order to react to the fluctuation in oil prices.