Reuters first with news OPEC+ sticks to plan for gradual oil output hike; market reacts

Last Updated on 08/10/2021 by


Reuters was first to report that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, had decided to stick with its existing pact to gradually increase oil output. OPEC+ have faced calls from big consumers, including the U.S. and India, for extra supplies due to oil surging more than 50% this year.

Market Impact

Brent crude jumped above $81 per barrel, rising 1.5% after the news, adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic.

Article Tags

Topics of Interest: Energy

Type: Reuters Best

Sectors: Commodities & Energy

Regions: Global

Win Types: Speed

Media Types: Text

Customer Impact: Major Global Story

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