Commodities18 minutes ago (Oct 04, 2021 04:16AM ET)
© Reuters. FILE PHOTO: A 3D-printed oil pump jack is seen in front of a displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
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 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.
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