OPEC+ sees it keep its oil production policy unchanged, OPEC+ sources say

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FILE PHOTO: On April 14, 2020 you can see the 3D printed oil pump jack in front of the OPEC logo as shown in this illustrated photo. Reuters/Dado Ruvik

4 October 2021

LONDON (Reuters) – OPEC and its allies are likely to stick to an existing deal to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said on Monday, in addition to the red hot market.

Ministers from Russia’s Organization of the Petroleum Exporting Countries and its ally OPEC+ will meet online at 1300 GMT. Earlier, an OPEC+ ministerial panel known as the JMMC would meet to monitor market trends.

Benchmark Brent crude, which has climbed 50% so far this year, crossed $80 a barrel last month and was trading around $79 on Monday. This was fueled by supply turmoil and increased demand as the global economy recovered from the COVID-19 pandemic.

In July, the group agreed to increase monthly output by 400,000 barrels per day (bpd) until at least April 2022, and eliminate the current cut of 5.8 million barrels.

“The most rational is to add 400,000 barrels/day, no more,” a source told Reuters in what the minister was expected to decide. told. Another said this was the most likely outcome, but left room for potential escalation.

Last week, OPEC+ sources said they were considering adding more deals than producers imagined, but who provided more details or suggested timing? was not there.

In the last OPEC+ meeting, the October volume was fixed.

Iraqi Oil Minister Isan Abdul Jabbar said on Sunday that the price of $100 a barrel was volatile and OPEC wanted a stable market.

A senior aide to US President Joe Biden met with Crown Prince Mohammed bin Salman in Saudi Arabia last week to discuss the war in Yemen, but said oil was also “worried”. India, another major oil consumer, wants more supplies.

In a memo released Friday, analysts at JPMorgan said:

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

OPEC+ sees it keep its oil production policy unchanged, OPEC+ sources say

Source link OPEC+ sees it keeping its oil production policy unchanged, OPEC+ sources say

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