Bloomberg reported that Saudi Oil Minister Prince Abdulaziz bin Salman during the meeting invoked the 1973 oil embargo imposed by OPEC that drove oil prices soaring.

OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November, five OPEC+ sources said as the group’s leader Saudi Arabia seeks to punish some fellow members for producing above quotas.

Oil buckled after OPEC+ agreed to another bumper output increase, bolstering global supplies at a time when demand is challenged by the drag from the trade war and fanning concerns about a glut.