Despite consumer pressure to calm a booming market, OPEC and its allies are likely to stick to their existing deal to supply 400,000 barrels per day (bpd) of oil to the market in November, according to three OPEC sources.
As the global economy rebounds from the COVID-19 pandemic, the price of benchmark Brent crude rose above $80 last month and was trading near to those highs at around $79, pushed higher by supply disruptions and soaring demand.
To phase out 5.8 million bpd of existing cuts, the group decided in July to increase output by 400,000 bpd every month until at least April 2022.
When asked what the ministers were expected to decide, a source said, "The most reasonable is to add 400,000 bpd, no more." Another stated that this was the most likely outcome, but that there was still opportunity for an increase.
OPEC+ sources stated last week that producers were considering adding more than the accord called for, but none gave specifics on how much more or when it may happen.
The October volumes were decided during the most recent OPEC+ meeting.
Ihsan Abdul Jabbar, Iraq's oil minister, stated that oil prices of $100 per barrel were unsustainable and that OPEC desired stable markets.
Last week, a senior advisor to US President Biden met with Saudi Crown Prince Mohammed bin Salman who expressed concern over oil. India, a major oil consumer, has been pushing for increased supply.
"Considering the decreasing refinery runs and weaker physical market indicators in China, we do not see the incentive for the OPEC+ alliance to expand oil output beyond the currently-committed 400,000 bpd," JP Morgan analysts wrote in a report on Friday.