Oil at 7-year high after OPEC+ decides on cautious increase

By DAVID McHUGH and AAMER MADHANI
Associated Press

FRANKFURT, Germany (AP) — The world economy is thirsty for oil _ but OPEC is saying not so fast. The oil cartel 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 thanks to the easing of COVID-19 restrictions. Oil prices rose on the news.