The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to a modest increase in oil output for December, followed by a pause in production hikes during the first quarter (Q1) of next year, Reuters reported.

Specifically, the group decided to boost output by 137,000 barrels per day (bpd) in December. This increase matches the production rises scheduled for both October and November. After December, OPEC+ will pause any further output increases from January through March.

**Market Reaction**

At the time of publication, the price of West Texas Intermediate (WTI) crude oil had risen by 0.75% on the day, reaching $61.15 per barrel.
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