OPEC+ agrees to increase output by 400,000 bpd in November– Reuters

OPEC and its allies, the group known as OPEC+, agreed to stick to the existing oil output strategy of increasing the group's output by 400,000 barrels per day (bpd) in November, Reuters reported on Monday, citing OPEC+ sources.

Market reaction

With the initial reaction, crude oil prices shot higher as some market chatter suggested that the group could opt out to ramp up the output by 800,000 bps in November. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its highest level in nearly seven years at $77.82, rising 2.75% on a daily basis.