OPEC, Russia Agree to Keep Boosting Oil Output, Jolting Prices

OPEC and a team of Russia-led oil producers agreed to proceed pumping far more crude, betting that pent-up demand in a article-lockdown planet will outweigh any hit to financial action by the modern permutations of Covid-19.

The Group of the Petroleum Exporting International locations and allied producers led by Russia mentioned Thursday they would raise their collective generation by another 400,000 barrels a day in January. The team agreed earlier this 12 months to increase output in such increments each and every month until finally generation reaches pre-pandemic degrees.