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OPEC+ agrees to stick to existing oil output plan, sources say

OPEC+ agrees to stick to existing oil output plan, sources say
OPEC+ agrees to stick to existing oil output plan, sources say   -   Copyright  Thomson Reuters 2021
By Reuters

LONDONOPEC and its allies agreed to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, OPEC+ sources said on Monday, despite pressure from consumers to cool a red hot market.

Ministers from the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, gathered online to discuss oil policy.

The price of benchmark Brent crude haS surged above $80, more than 50% higher than at the start of the year, pushed up by supply disruptions and surging demand as the global economy recovers from the COVID-19 pandemic.