By Ahmad Ghaddar, Olesya Astakhova and Alex Lawler
LONDON / MOSCOW, Sep 29 (Reuters) – OPEC + is likely to stick to an existing agreement to add 400,000 barrels per day (bpd) to its November output when it meets next week, sources said, despite crude oil it hit a three-year high above $ 80 a barrel and under consumer pressure for a greater supply.
The Organization of the Petroleum Exporting Countries and its Russian-led allies, a group known as OPEC +, agreed in July to increase production by 400,000 bpd each month to nullify 5.8 million bpd in cuts. It was also agreed to evaluate the deal in December.
“Until now we will maintain the plan to increase (the volume) by 400,000 bpd,” said one of the sources.
OPEC +, which has held regular meetings, agreed in September to continue its existing plans for an increase in production in October.
The OPEC + Joint Technical Committee (JTC) meets Wednesday to review the market and present the findings to ministers.
The sources said the alliance ministers, meeting online Monday, would consider the JTC’s findings before making a final decision.
Brent rose to a three-year high above $ 80 a barrel on Tuesday, driven by unplanned cuts in US production and a sharp pickup in demand.
The White House, which in August raised concerns about high prices, said Tuesday it was in communication with OPEC and studying how to tackle the cost of oil.