Reuters: OPEC Expected to Stick to November Production Plans, Despite oil Reaching $80

Sources said that OPEC+ will likely stick to an existing agreement to add 400,000 barrels per day to its production in November when it meets next week, despite the fact that oil reached its highest level in more than three years above $ 80 a barrel and pressure from consumers for more supplies. .

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, the group known as OPEC+, agreed in July to raise production by 400,000 bpd each month to gradually phase out cuts of 5.8 million bpd. It also agreed to evaluate the deal in December.

“So far, we will keep the plan to increase by 400,000 barrels per day,” one of the sources said to reuters.

The Organization of the Petroleum Exporting Countries, which meets regularly, agreed in September to continue with its existing plans to raise production in October.

The OPEC+ Joint Technical Committee will meet today, Wednesday, to study the market situation and present results to the ministers.

The sources said that the OPEC+ ministers, who will hold their meeting online on Monday, will study the findings of the Joint Technical Committee before making a final decision.

Brent crude rose to a three-year high above $80 a barrel on Tuesday, supported by unplanned disruptions in the United States and a strong recovery in demand after the damages of the pandemic. Prices are just under $80 on Wednesday.