Oil prices have surged this year to a three-year high above $ 86 a barrel as demand recovers from COVID-19 restrictions and OPEC+ gradually ramps up supplies.
Reuters
November 04, 2021 / 08:35 PM IST
OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd), sources said, despite calls from the United States for extra supply to cool rising prices.
Top OPEC producer Saudi Arabia has already dismissed calls for speedier oil supply increases from the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+.
OPEC+ sources have said the United States has plenty of capacity to raise production itself if it wants to help the world speed up an economic recovery.
Oil prices have surged this year to a three-year high above $ 86 a barrel as demand recovers from COVID-19 restrictions and OPEC+ gradually ramps up supplies.
Producers are concerned about going too fast, fearing renewed setbacks in the battle against the pandemic.
OPEC+ plans to hold a news conference at 1430 GMT.
U.S. President Joe Biden on Saturday urged major G20 energy producing countries with spare capacity to boost production to ensure a stronger global economic recovery.
His statement is part of a broad effort by the White House to pressure OPEC and its allies to increase supply.
