OPEC and Russia will pump more oil in January despite price plunge
CNN
Saudi Arabia, Russia and other leading oil producers have decided to stick with plans to increase supply in January despite a recent plunge in prices driven by fears of a new glut.
The agreement was reached Thursday at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and key allies, known as OPEC+. Global oil prices have fallen more than 20% since late October.
Brent crude futures, the global benchmark, had soared about 70% since the beginning of the year, but began falling in November when the United States and other major oil consuming nations agreed to release millions of barrels from their strategic reserves to try to cool gasoline prices and prevent a further boost to inflation.
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