OPEC+ likely to maintain its oil production plan: report

OPEC and its allies are likely to stick to plans to raise oil output by 400,000 barrels per day (bpd) during their meeting today, Nov. 4, despite calls from the US for extra supply to cool rising prices, Reuters reported, citing sources.

The US has plenty of capacity to raise production itself if it wants to help the world speed up economic recovery, the sources added.

"Despite the pressure from consumers, I think the decision of the OPEC+ meeting on Nov. 4 will most likely be the same increase of 400,000 bpd," an OPEC source said, adding that supporters of increased production growth are in the “minority”.

The virtual talks start today with a meeting of the Joint Ministerial Monitoring Committee, followed by the decision-making meeting of all OPEC+ ministers, another source noted.