The post OPEC+ agrees to pause output hikes next year amid glut fears appeared com. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday agreed to a modest oil output hike for December and a pause output increases in the first quarter (Q1) of next year, Reuters reported on Sunday. The group agreed to revive 137, 000 barrels a day (bpd) next month, matching increases scheduled for October and November, then take a January-to-March hiatus. Market reaction At the time of press, the WTI price was up 0. 75% on the day at $61. 15. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in.