International Oil Prices Reach Highest Level in 7 Years Amid OPEC+ Production Increase Pace Maintenance

[Image source=AP Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] International oil prices reached their highest level in seven years amid OPEC+ (Organization of the Petroleum Exporting Countries (OPEC) member countries and non-OPEC allies) maintaining the pace of production increases.

On the 4th (local time) at the New York Mercantile Exchange, the November West Texas Intermediate (WTI) crude oil price rose $1.74 (2.3%) from the previous session to close at $77.62 per barrel, marking the highest level since 2014.

The December Brent crude also closed at $81.26 per barrel, up $1.98 (2.50%), recording its highest price in three years.

At the ministerial meeting of oil-producing countries held that day, OPEC+ decided to maintain the existing agreement to increase production by 400,000 barrels per day.

Peter McNally, Head of Global Commodities at Third Bridge, told MarketWatch, "Since the significant production cuts in the second quarter of last year, OPEC+ producers have been gradually increasing supply to the market, anticipating a full recovery in demand by next year."

The next OPEC+ meeting is scheduled for November 4.

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