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OPEC was on track to maintain its production schedule of monthly production increases of 400,000 barrels a day, after an advisory panel recommended sticking to the plan, delegates said.
Ministers will make a private policy decision at a formal meeting of the Organization of Petroleum Exporting Countries and its allies later on Monday, the delegates said, asking not to be named because the information was final. There was speculation that at the beginning of the talks, the group could opt for a larger supply increase for November.
West Texas Intermediate crude jumped as much as 1,8% to $77.26 a barrel in New York City, the highest in almost seven years for the nation's crude producers.
The recommendation from the Joint Ministerial Monitoring Committee, which oversees the cartel s production cuts, comes as OPEC appears to be very much in control of the oil market. Crude is trading near a three-year high and the cartel production policy will be the main factor influencing prices in the coming months, according to oil trader Vitol Group.
Saudi Arabia is sitting pretty with output close to idle production levels, the highest petroleum revenues since 2018 and its fellow members largely united behind the plan to gradually revive pre-pandemic production each month. Washington is also satisfied with this pace of supply hikes, according to a U.S. official who asked not to be named.
If there is a threat to the external balance OPEC has achieved, it s the possibility of spillover from delicate crises. The shortage of natural gas, which has driven prices for the fuel to the equivalent of $190 a barrel, is spurring a switch to petroleum products for heating and manufacturing, boosting overall demand.
U.S. oil production is still recovering from Hurricane Ida, which knocked out a total of almost 35 million barrels of oil after slamming the Gulf of Mexico a month ago - equivalent to almost two full months of OPEC supply increases.
Anxiety among key nations is palpable, with rising prices from energy to food and metals threatening to cause an inflationary surge which complicates current monetary policy.
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