LONDON (Reuters – OPEC, its allies and other stakeholders meet Monday to discuss how much oil should be released into the hot red market. This is where oil has risen above $80 per barrel due to supply disruptions as well as recovering demand after the coronavirus epidemic.

Oil prices have risen to three-year highs, but this is being exacerbated in part by a rise in gasoline prices. They have jumped 300% and now trade at close to $200 per barrel. This is due to low supply and lower production.

The Organization of the Petroleum Exporting Countries, along with its Russian allies, was known as OPEC+. It agreed to raise output by 400,000 barrels every day from July through April 2022. This will allow for the elimination of 5.8 million bpd of the existing cuts.

Four OPEC+ sources said last week that producers considered adding more to the deal. However, none of them gave any details about how much or when.

Since OPEC+ last met to decide the October volumes, November is likely to be the next month that an increase might occur.

The rising prices of oil, power, and gas are causing inflation worldwide, and slowing recovery.

In Saudi Arabia, last week, an American aide visited Mohammed bin Salman, the Saudi Crown Prince. They discussed Yemen and oil.

Russian oil and condensate production rose to 10.72 Million bpd during September. This is the highest output since April 2020’s 11.34 million, according to data released on Saturday.