Sources to Reuters: Expectations That OPEC+ Will Keep Production Policy Unchanged

OPEC+ sources told Reuters that it is likely that OPEC and its allies will stick to their current agreement to add 400,000 barrels per day of oil to the market in November, despite pressure from consumers to calm a market witnessing heavy demand for oil.

Ministers of the Organization of the Petroleum Exporting Countries, Russia, and their allies, within the framework of the OPEC+ group, are scheduled to meet remotely at 13:00 GMT. And before that, the OPEC+ Joint Ministerial Monitoring Committee, which monitors market developments, will meet.

The price of benchmark Brent crude exceeded the level of $ 80 last month and was trading near those high levels today at about $ 79, driven by disruptions on the supply side and increased demand with the global economy recovering from the Covid-19 pandemic.