OPEC+ Panel Recommends Sticking to Planned Supply Hike, Sources Say

The group agreed in July to boost output by 400,000 bpd a month until at least April 2022 to phase out 5.8 million bpd of existing production cuts.

Alex Lawler, Ahmad Ghaddar and Olesya Astakhova, Reuters

A OPEC+ ministerial panel has recommended that the oil producing group stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, OPEC+ sources said Oct. 4, despite consumer calls for more oil and cheaper crude.

The Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, is under pressure from big consumers, such as U.S. and India, to add extra supplies to cool prices that have surged 50% this year.

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