Thursday, 25 July 2024

OPEC+ likely to keep oil output policy unchanged, OPEC+ sources say

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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 consumer pressure for more supply 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.

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Benchmark Brent crude , up 50% so far this year, surged above $80 a barrel last month and was trading around $79 on Monday, supported by supply disruptions and surging demand as the global economy recovers from the COVID-19 pandemic.

OPEC+ agreed in July to boost output by 400,000 bpd every month until at least April 2022 to phase out 5.8 million bpd of existing production cuts by the group, which slashed output in 2020 when the pandemic destroyed demand.

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