OPEC+ Maintains Output Increases

OPEC+ nations are likely to maintain an agreement to add 400,000 barrels of oil per day to their output in November. The news comes ahead of a scheduled meeting featuring the world’s largest oil producers, bucking pressure from consumers for even more supply. The increase is designed to phase out 5.8 million barrels per day in cuts dating back to the early days of the COVID-19 pandemic. Even so, OPEC nations agreed to revisit the deal in December. Brent crude prices dropped back below $80 per barrel in early trading on Wednesday.