OPEC+ agrees to stick to oil production plan, defying U.S. pressure

A man from Emirati stands in front a pipeline at Fujairah's oil terminal during the inauguration of a supertanker dock on September 21 2016.
OPEC and its oil-producing partners have decided to maintain their current output plans, despite multiyear high crude prices and U.S. demands to cool the market.

The group, OPEC+ will continue to roll over its August program in order to increase oil production by 400,000 barrels each day.

Russian Energy Minister Alexander Novak said Thursday at a press conference that the decision had been made to increase production by 400,000 barrels per day every month. I emphasize every month until 2022. Today, the decision was reaffirmed to keep current parameters that were agreed upon earlier.

Novak was asked why the group wasn't increasing its production despite requests from oil consumers such as the U.S. and Japan. He replied that OPEC (and its allies) were maintaining market balance while remaining cautious about changes in demand.