OPEC to gradually restore oil production to pre-pandemic levels

OPEC and allied oil producing countries have stayed with their cautious approach to restoring oil production slashed during the pandemic, agreeing to add 400,000 barrels per day in November.

The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every month until the cuts made during the depth of the pandemic recession are restore.

The decision comes amid tighter oil markets, as driving and flying pick up around the globe due to the easing of restrictions aimed at containing the COVID-19 pandemic.

The price of a barrel of crude jumped by 3%, or $2.32, to $78.17 on the New York Mercantile Exchange.

© Copyright LaPresse