Oil Prices Climb As OPEC+ Stands Firm On Production Plan

OPEC+ has decided to keep its production plans in place, according to OPEC. The previous—and current—plan is for the group to add 400,000 barrels per day in output for its members in October. Future plans include an additional 400,000 barrels per day added back into the production quotas each month until the entire production cut is rolled back in May 2022. The addition of 400,000 barrels in October is, according to OPEC, in response to an increase in oil demand and falling crude oil inventories, particularly in the United States. “The…