Oil Prices Rise As Much As 1.5% After OPEC+ Reaffirms Output Pause Plan

According to CNBC, oil prices rose as much as 1.5% on Monday after OPEC+ members reaffirmed a plan to pause production increases in the first quarter of next year. OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, saying the producer group still needs to agree on new quotas before deciding its next output steps. The meeting included seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — as the Iran war continues to disrupt oil exports through the Strait of Hormuz. OPEC+ agreed in August to a production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. Brent crude futures gained 76 cents to close at $96.28 a barrel on Friday, while West Texas Intermediate crude futures advanced 18 cents to settle at $91.48.