Officials from OPEC, Russia and other oil producers are expected to meet Monday by teleconference to decide whether to add more oil to the market. The meeting comes amid rising demand for energy as businesses around the world resume operations.
Analysts say it is likely that the 23-member group, known as OPEC Plus, will sign off on continuing to increase production by a modest 400,000 barrels a day every month under a deal reached in July.
Pressures are building from customers like China and India for additional amounts of crude to ease a tightening market. Some analysts, though, doubt that the producers will want to raise production further now, even though oil prices are near a three-year high and briefly exceeded $80 a barrel for Brent crude, the international standard, on Sept. 28.
“It’s going to take oil prices sustaining above $80 a barrel for a period of time or pushing sharply higher,” for OPEC to consider changing its…