According to World Energy News on September 3rd: OPEC announced at its ministerial meeting that it would keep its policy unchanged and agreed to reinvest 400,000 barrels of production a day this month into the market. Oil prices rose in trading on Thursday afternoon.

At 5:47 pm UAE time, the international benchmark Brent crude oil price rose 1.87% to close at US$72.93 per barrel. West Texas Intermediate crude oil, which tracks US crude oil grades, broke through the $70 per barrel mark, soaring 2.26% to close at $70.14 per barrel.

The League of Petroleum Exporting Countries (OPEC+), led by Saudi Arabia and Russia, has begun to reduce a historic output restriction agreement and plans to bring 2 million barrels per day of production back to the market by the end of this year.