OPEC+ will consider releasing more barrels of crude oil beyond its planned supply increase of 400,000 bpd a month in its next policy meeting on Monday, Reuters reported, citing people familiar with the discussions. According to the sources, there is an option to boost production by 800,000 bpd for November, followed by a zero increase in December.
Earlier this week, sources said the most likely outcome was sticking to the current plan. It remained unclear what caused the change in tone. Energy ministers of the United Arab Emirates, Iraq, and Nigeria also said in recent weeks that there was no need to revise the current production policy.
However, Brent oil prices were close to a three-year high of above $80 per barrel on Thursday. At the same time, consumers are demanding more supply. India, the world’s third-largest crude importer, signalled on Tuesday that high oil prices would accelerate the shift to low-carbon energy sources.
