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OPEC+ seen keeping oil output policy unchanged, OPEC+ sources say By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – A 3D-printed oil pump jack can be seen at the front of an OPEC logo, in this illustration photo from April 14, 2020. REUTERS/Dado Ruvic

LONDON, (Reuters) – Despite consumer pressure to lower oil prices, OPEC+ sources indicated Monday that they are unlikely to change their agreement to increase the supply by 400,000 barrels per daily (bpd), in November.

At 1300 GMT, ministers representing Russia, OPEC+ and other countries are expected to meet online. A JMMC-named ministerial committee of OPEC+ that tracks market developments meets prior to that.

Benchmark’s price soared to above $80 in the last month. It was close to that level on Monday, trading at $79. This is due to supply disruptions as well as surging demand after the COVID-19 pandemic.

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