OPEC meets to increase production in the face of rising oil prices
The next month that an increase could take place is November

OPEC and its allies meet on Monday to discuss how much oil to release in the hot market, where supply disruptions and recovering demand as a result of the coronavirus pandemic have pushed oil prices above $ 80 a barrel.
The rise in oil prices to a three-year high is exacerbated by an even bigger surge in gas prices, which have soared by 300% and are now close to $ 200 a barrel due to supply shortages and low production of other fuels.
The Organization of Petroleum Exporting Countries and its allies, known as OPEC +, under the leadership of Russia, agreed in July to increase production by 400,000 barrels per day each month until at least April 2022, to replace the existing 5.8 million barrels per day cuts to be phased out.
Four OPEC + sources told Reuters last week that producers were considering increasing their production beyond the agreed level, but none of them gave any indication of how much more or when supply would increase.
The next month that an increase could take place is November, as OPEC + decided at its last meeting the quantities for October.
Rising oil, gas, coal and electricity prices are creating inflationary pressures around the world and slowing the upswing.
A senior advisor to US President Joe Biden met with Saudi Crown Prince Mohammed bin Salman in Saudi Arabia last week to discuss the war in Yemen but said oil was "a cause for concern" too.
Russian oil and gas condensate production rose to 10.72 million bpd in September, the highest level since production of 11.34 million bpd in April 2020, data showed on Saturday.





