OPEC+ likely to stick to plan to raise output by 400,000 bpd – Reuters

Eren Sengezer FXStreet

Citing sources familiar with the matter, Reuters reported on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to stick to plans to raise oil output by 400,000 barrels per day (bpd).

"Despite the pressure from consumers, I think the decision of the OPEC+ meeting on November 4 will most likely be the same increase of 400,000 bpd," an OPEC source told Reuters.

Market reaction

This headline doesn't seem to be having a noticeable impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was up 1.72% on the day at $81.45.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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