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

October 4, 2021

LONDON (Reuters) – OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said on Monday, despite pressure from consumers to cool a red hot market.

Ministers from The Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, are due to gather online at 1300 GMT. An OPEC+ ministerial panel that monitors market developments, known as JMMC, meets before that.

The price of benchmark Brent crude surged above $80 last month and was trading close to those highs on Monday at about $79, pushed up by supply disruptions and surging demand as the global economy recovers from the COVID-19 pandemic.

(Reporting by OPEC Team; Editing by Veronica Brown and Edmund Blair)

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