OPEC+ Sticks to Plan for Gradual Output Hike, Oil Price Roars Higher

Read MoreLONDON-OPEC+ said on Monday it would stick to an existing pact for a gradual increase in oil output, sending crude prices to three-year highs and adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic. The Organization of the Petroleum Exporting Countries, Russia, and allies, known as OPEC+, have faced calls for additional supplies from big consumers, such as the United States and India, after oil surged more than 50 percent this year. OPEC+ “reconfirmed the production adjustment plan” that it previously agreed that would see 400,000 barrels per day (bpd) added in November, the group said in a statement issued after online ministerial talks. Brent crude roared above $81 a barrel on news that the group would stay with its plan for gradual additional production. “We will be monitoring the situation, as we know, demand usually falls in the fourth quarter, our plans …