OPEC+ meets on output increase as oil prices rally

OPEC headquarters in Vienna (AFP photo)

SULAIMANI (ESTA) — OPEC and its allies meet on Monday to debate how much oil to release into the red-hot market, Reuters reported.

OPEC and allies led by Russia, known as OPEC+, agreed in July to boost output by 400,000 barrels per day every month until at least April 2022 to phase out 5.8 million bpd of existing cuts.

Four OPEC+ sources told Reuters last week that producers were considering adding more than that deal envisaged.

Reuters said none of them gave details on how much more, or when supply would increase.

The nearest month any increase could occur is November since OPEC+’s last meeting decided the October volumes.

Rising oil, gas, coal and power prices are feeding inflationary pressures worldwide and slowing the recovery.

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