OPEC+ to stick to November output plans despite price increase: Report

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OPEC+ is likely to stick to an existing deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week, Reuters reported, citing sources.

OPEC+ ministers, who meet online on Monday, Oct. 4, would consider the Joint Technical Committee’s (JTC) findings before making a final decision.

"So far we will keep the plan to increase by 400,000 bpd," one of the sources said.

OPEC+ agreed in July to increase production by 400,000 bpd each month to phase out 5.8 million bpd in cuts. It also agreed to assess the deal in December.

Brent crude rose above $80/barrel this week, after two hurricanes in the Gulf of Mexico affected production levels in the United States, as well as the recovery in global demand for crude.