OPEC+ rebuffs U.S. calls for speedier oil output increases

 OPEC+ rebuffs U.S. calls for speedier oil output increases

A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant

  • OPEC+ agrees to add another 400,000 bpd from December
  • OPEC sources say U.S. can increase oil production itself
  • Russia’s Novak says economic, COVID headwinds persist

LONDON, Nov 4 (Reuters) – OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices.

All oil producers suffered a drop in income during the COVID-19 pandemic and as demand recovers with the global economy it has allowed them to rebuild their balance sheets. OPEC+ supply restraint has underpinned a rally that has pushed global benchmark Brent crude to a three-year high of $86.70.

Top OPEC producer Saudi Arabia has dismissed calls for speedier oil supply increases from…

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