OPEC and allied countries including Russia agreed Thursday to increase oil production by 500,000 barrels a day from January and said they would meet monthly to decide further output levels, gingerly adding more crude to a global economy still suffering from the COVID-19 pandemic. The decision followed days of wrangling over whether to increase output early next year at all after the pandemic sapped demand for energy and clouded the outlook for the industry. The OPEC members and a group of allies had made deep cuts in production last year to support prices as the pandemic sharply reduced demand for fuel. Analysts said simply extending the 7.7 million barrels per day in cuts was the course preferred by Saudi Arabia, which takes a leadership role among member countries, and also by Russia, the biggest of the non-members who have been cooperating with OPEC. But they […]