In a statement published following its meeting, OPEC said that insufficient investment will impact the availability of adequate oil supply to meet growing demand beyond 2023, as reported by Reuters.

"The severely limited availability of excess capacity necessitates utilizing it with great caution in response to severe supply disruptions," the group added.

Market reaction

Crude oil prices turned south and erased a large portion of the daily gains. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $94.60, where it was down 0.85% on a daily basis.