OPEC+ sticks to plan for gradual output hike, oil price roars higher

Oil prices have climbed more than 50% in 2021

Brent crude roared above $81 a barrel on the news that the group would not adjust its plan.

OPEC+ agreed on Monday to stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, despite consumer calls for more crude and surging prices that threaten an economic recovery from the pandemic.

The Organization of the Petroleum Exporting Countries, Russia and allies, known as OPEC+, have been under pressure from big consumers, such as the United States and India, to add extra supplies after oil prices climbed 50% this year.