2 Feb 2022
Oil rises near Seven-year high as OPEC+ sticks to its Planned Output
The Index Today
Oil prices increased on Wednesday, heading near a previous seven-year high, after OPEC+ decided to stick to its planned output increase despite pressure from top consumers to raise production more quickly.
A source told Reuters that OPEC+ agreed to increase oil production by 400,000 bpd from March after a short meeting.
Brent crude was up $1.16 cents, or 1.3%, at $90.32 a barrel by 1303 GMT.
U.S. West Texas Intermediate crude rose $1.28 to $89.48 a barrel.
Tight oil supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% this year. On Friday crude benchmarks hit their highest since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.