The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+ , stuck to its plan Monday of gradually increasing oil production.
Despite soaring prices, OPEC+ only raised oil production by 400,000 barrels per day, Reuters reported.
In April 2020 as the world econonomy slowed with the emergence of the COVID-19 pandemic, OPEC+ cut production by 10 million barrels per day, Reuters said.
Since then, oil prices have soared as economies recover. So far this year, the price of Benchmark Brent Crude is up 50%.
"Everyone is happy," with the current price, an OPEC+ delegate who declined to be identified told Reuters.
Another source told the news agency that delegates are worried about another price decline.
"We are scared of the fourth wave of corona, no one wants to make any big moves," the source said, Reuters reported.
After the decision on Monday to stick with the plan of gradual production increases, Brent crude increased to $81 a barrel, the story said.
OPEC+ "reconfirmed the production adjustment plan," the group said in a statement Monday.
"The outcome of the OPEC+ meeting was no surprise, but when prices are at above $80 per barrel Brent, this is a level that makes customers uncomfortable and producers happy but cautious," consulting firm Rystad Energy wrote, according to Reuters.