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

LONDON - OPEC 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.