SULAIMANI (ESTA) — OPEC+ is likely to stick to an existing deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week, Reuters cited sources as saying.
OPEC and allies led by Russia, known as OPEC+, agreed in July to increase production by 400,000 bpd each month to phase out 5.8 million bpd in cuts.
The group also agreed to assess the deal in December.
“So far we will keep the plan to increase by 400,000 bpd,” one of the sources told Reuters.
OPEC+ agreed in September to continue with its existing plans for an October output rise.
The OPEC+ Joint Technical Committee (JTC) meets on Wednesday to review the market and present findings to ministers, according to Reuters.
The sources said OPEC+ ministers, who meet online on Monday, would consider the JTC’s findings before making a final decision.
Brent oil rose to a three-year high above $80 a barrel on Tuesday, boosted by unplanned outages in the United States and a strong demand recovery after the pandemic hammering. Prices were trading just below $80 on Wednesday.
Energy ministers from OPEC members Iraq, Nigeria and the United Arab Emirates said in recent weeks the group saw no need to take extraordinary measures to change the existing agreement.
The JTC’s agenda includes compliance with existing cuts, which stood at 116% in August, meaning the group is cutting more than planned, with several members facing domestic constraints on increasing output. This points to a tighter oil market.
