Oil prices decline as OPEC+ maintains output hike plan

02/09/2021 Argaam

Oil rigs

Oil prices declined on Thursday after OPEC+ agreed to keep its policy of gradually increasing supply, and amid latest developments related to Hurricane Ida in the US Gulf of Mexico.

 

The international benchmark Brent crude was trading down 0.4% at $71.32 per barrel, at 9.00 am Makkah time.

 

WTI crude fell 0.4% to $68.38 per barrel.

 

The Organization of the Petroleum Exporting Countries and its allies (OPEC+), during the 20th ministerial meeting on Sept. 1, agreed to maintain the existing policy of gradual oil output hikes.

 

Meanwhile, data issued by the US government showed that energy companies are working to restart platforms and pipelines in the Gulf of Mexico, with about 1.4 million barrels per day (bpd) of oil production still offline, Reuters reported.

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