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OPEC meets on output increase as oil prices rally

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The emblem of the Organisation of the Petroleum Exporting Nations (OPEC) sits outdoors its headquarters forward of the OPEC and NON-OPEC assembly, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Picture

LONDON, Oct 3 (Reuters) – OPEC and its allies meet on Monday to debate how a lot oil to launch into the pink scorching market, the place provide disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel.

The oil worth rally to a three-year excessive is exacerbated by a fair larger enhance in fuel costs, which have spiked 300% and have come to commerce near an equal of $200 per barrel as a consequence of provide shortages and low manufacturing of different fuels.

The Group of the Petroleum Exporting Nations and allies led by Russia, referred to as OPEC+, agreed in July to spice up output by 400,000 barrels per day each month till a minimum of April 2022 to part out 5.8 million bpd of present cuts.

4 OPEC+ sources advised Reuters final week producers had been contemplating including greater than that deal envisaged, however none gave particulars on how way more, or when provide would enhance.

The closest month any enhance may happen is November since OPEC+’s final assembly determined the October volumes.

Rising oil, fuel, coal and energy costs are feeding inflationary pressures worldwide and slowing the restoration.

A senior aide to U.S. President Joe Biden met Saudi Crown Prince Mohammed bin Salman in Saudi Arabia final week to debate the warfare in Yemen however stated oil was additionally “of concern”.

Russian oil and fuel condensate output rose to 10.72 million bpd in September, the very best degree for the reason that 11.34 million bpd pumped in April 2020, information confirmed on Saturday.

Reporting by OPEC crew, writing by Dmitry Zhdannikov, modifying by Andrew Heavens

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