By Gina Lee

Investing.com – Oil was down Wednesday morning in Asia, with investors digesting a . The Organization of the Petroleum Exporting Countries, (OPEC), is facing increasing demand to improve supply.

The price fell to $83.63 at 11:48PM ET (3:48 GMT) and dropped to $82.55.

On Tuesday, a report showed that the weekly build was 3.59 million barrels. Investing.com forecasts had predicted a 1.567 million-barrel increase, while a record of 2.318 millions barrels was achieved during the week before.

Investors are now waiting for, which is due late in the afternoon.

As pressure mounts on OPEC, crude oil prices drop. The U.S. President Joe Biden led the calls of major economies to increase production above what was already agreed to,” ANZ analysts stated in a note.

Biden spoke at the COP26 Climate Summit in Glasgow and blamed the rise in oil prices on a refusal of OPEC, which is refusing to supply more crude oil.

November 4th will see the meeting of cartel members to decide on an output policy. This is widely anticipated to stay unchanged.

“OPEC is coming under more political pressure from importing countries to boost supply because oil prices are at the highest level in seven years,” Raymond James & Associates Inc. analyst Pavel Molchanov told Bloomberg.

“Balancing the question mark about demand with political pressure on the other end of the spectrum, it seems like maintaining status quo is the most logical approach for OPEC to take right now.”

BP (NYSE 🙂 announced Tuesday that it would increase its investments in U.S. shale gas and oil business offshore to $1.5 Billion in 2022, from $1 Billion in 2021.