OPEC meets on output increase as oil prices rally

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LONDON, Oct 3 (Businesshala) – OPEC and its allies meet on Monday to debate how much oil to leave in a red hot market, where supply disruptions and demand recovery from the coronavirus pandemic have pushed oil to $80 per cent. The barrel is pushed up.

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The oil price rally to a three-year high has been accelerated by an even bigger increase in gas prices, which have risen 300% and traded as high as $200 a barrel due to a lack of supply and low production of other fuels. has come to do.

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The Organization of the Petroleum Exporting Countries and Allies, known as OPEC+, led by Russia, in July phased out 5.8 million bpd of existing cuts to boost production to 400,000 barrels per day every month until at least April 2022. agreed to do.

Four OPEC+ sources told Businesshala last week that producers were considering adding more to that deal, but none gave details about how much more, or when supplies would increase.

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The closest month to any growth is November as the October volume was fixed at the last meeting of OPEC+.

Rising oil, gas, coal and electricity prices are adding to inflationary pressures around the world and slowing recovery.

Joe Biden, a senior aide to the US president, met with Saudi Crown Prince Mohammed bin Salman in Saudi Arabia last week to discuss the war in Yemen, but said oil was also “a matter of concern”.

Russian oil and gas condensate production rose to 10.72 million bpd in September, the highest level since 11.34 million bpd was pumped in April 2020, data showed on Saturday.

Reporting by OPEC Team, Writing by Dmitry Zhdannikov, Editing by Andrew Heavens

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