Energy

Reuters first with news OPEC+ sticks to plan for gradual oil output hike; market reacts

Reuters was first to report that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, had decided to stick with its existing pact to gradually increase oil output. OPEC+ have faced calls from big consumers, including the U.S. and India, for extra supplies due to oil surging more than 50% this year.

Market Impact

Brent crude jumped above $81 per barrel, rising 1.5% after the news, adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic.



Article Tags
Topics of Interest: Energy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Global
Win Types: Speed
Media Types: Text
Customer Impact: Major Global Story
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