Major oil producers are expected Thursday to agree to continue raising output moderately despite pressure from the United States and other big consumers to open up the taps much more decisively amid soaring prices.
The 13 members of the Organization of Petroleum Exporting Countries and their 10 allies are scheduled to gather from 1300 GMT for their regular monthly meeting via videoconference, according to a source close to the group.
With prices for the benchmark WTI contract reaching $85 last week, the highest since 2014, US President Joe Biden appealed on the sidelines of the G20 summit in Rome over the weekend to OPEC to pump more. Helima Croft of RBC Capital Markets said she would not rule out Saudi Arabia agreeing to a rise beyond 400,000 barrels per day"given the intensity of the White House pressure and from other key consuming countries like India".OPEC Secretary General Mohammed Barkindo last week reiterated"the need to remain cautious and attentive to an ever-evolving market situation," according to a statement.
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