Citing rising global energy needs, the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday affirmed a plan to increase crude production through November. The cartel stopped short of further boosting output levels, however, a decision that fueled supply concerns and sent oil futures to seven-year highs.

WTI

OPEC, led by Saudi Arabia, and a group of allied oil producers headed by Russia, aka OPEC-plus, approved another 400,000 b/d production increase for next month, continuing a plan that is tentatively slated to extend into 2022 to balance supply with rising demand.  OPEC-plus plans to meet monthly to review the plan.

After briefly eclipsing $80/bbl and setting a 2021 high last week, Brent crude prices spiked again Monday following the OPEC-plus...