Olesya Astakhova and Ahmad Ghaddar by Alex Lawler

LONDON, (Reuters) – Despite calls by the United States to increase oil production to lower rising prices, OPEC and its allies will likely stick with their plans for increasing output by 400,000 barrels per daily (bpd), sources claimed.

Saudi Arabia is a major OPEC producer and has not yet reacted to calls for increased oil supplies by the Organization of the Petroleum Exporting Countries, (OPEC), or its allies. They are collectively called OPEC+. The current plans are also supported by Kuwait and Iraq.

Sources from OPEC+ have indicated that the United States is able to increase its production if needed to speed up the recovery of the global economy.

As OPEC+ increases supplies slowly and the demand for oil recovers, this year’s oil prices rose to a record high of $86 per barrel.

However, producers worry about becoming too fast and risking unintended consequences in their fight against the COVID-19 epidemic.

“Despite consumer pressure, I believe the decision at the OPEC+ meeting of Nov. 4, will most likely be that same increase of 400,000 bpd,” a source from OPEC said. He added that those who support increased production growth are few.

A meeting of the Joint Ministerial Monitoring Committee will start the virtual talks. Next, all OPEC+ Ministers will meet to make decisions at 1400 GMT. Another source confirmed that this was the order of business.

Another OPEC+ delegate stated, “I believe no changes have been made so far.”

U.S. President Joe Biden urged G20 major energy producers countries with limited capacity to increase production on Saturday to help ensure stronger economic recovery.

This statement was part of a wider effort by the White House, to exert pressure on OPEC and its partners to increase their supply.

Russian sources predicted, too that these calls would not influence the OPEC+ decisions.

According to a Russian source, “We should stick to the existing plan.”