Brent crude futures rallied above $81 per barrel yesterday, touching the highest level since October 2018, after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) stuck to an existing deal to lift output by 400,000 barrels per day of oil in November.
Rising from its 21st ministering meeting, the group reaffirmed the decision of the July meeting.
OPEC+ consists of 24 oil-producing nations, made up of the 14 members of OPEC and 10 other non-OPEC members, including Russia.
At its meeting in July, the group agreed to increase production by 400,000 barrels per day, an adjustment that would run till December 2021.
The OPEC bloc is led by Saudi Arabia, the group’s largest oil producer while Russia is the biggest player among the non-OPEC countries.
Brent crude oil futures, global oil benchmark, rose by 2.9 per cent to $81.58 a barrel by 4:28 pm on Monday, while United States West Texas Intermediate (WTI) crude oil futures increased by 2.64 percent to $77.88 a barrel.
In June OPEC+ agreed to continue to boost output in line with the group’s April decision to return 2.1 million barrels per day to the market between May and July.