OPEC + sticks to oil output policy during December

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The OPEC+ alliance agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) in December, while affirming the efforts to maintain market stability.

This came despite calls from the United States for extra supply to cool rising prices.

Several countries have recently urged the cartel to boost the crude supplies amid strong demand. U.S. President Joe Biden blamed the price increases on Russia and OPEC as they rebuffed calls for raising production.

OPEC+ is set to hold its 23rd ministerial meeting on Dec. 2, 2021.