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OPEC+ likely to keep output rise plans for November

OPEC+ likely to keep output rise plans for November

Mubasher: OPEC+ is expected to be committed to an existing deal to raise the oil output by 400,000 barrels per day (bpd) in November when it meets next week, sources told Reuters.

OPEC+ is likely to stick to the deal amid the three-year high of oil prices above $80 a barrel and requests for more supply.

In July, OPEC+ agreed to raise production by 400,000 bpd each month to gradually reduce 5.8 million bpd in cuts and evaluate the deal in December.

"So far we will keep the plan to increase by 400,000 bpd," one of the sources said.

In addition, OPEC+ announced in September that the organisation will keep its existing plans for output rise in October.

The current deal is enabling OPEC+ to keep the oil market balanced, OPEC General, Mohammad Barkindo, said in opening remarks to the Joint Technical Committee (JTC) on Wednesday.