Sharjah24 – AFP: OPEC and its key allies will meet on Monday to decide whether to ramp up oil production in a bid to calm overheated global energy prices.
The market landscape has changed little since the previous September 1 meeting of the oil exporters' cartel and its allies, together known as OPEC+, with demand continuing to weigh on global crude supply.
Oil prices jumped above $80 last week for the first time in almost three years, handing the club, led by Saudi Arabia and Russia, both a boost and a dilemma.
The 23 countries in the group are expected to start their video conference meeting at 1300 GMT (3 pm local time at OPEC's Vienna headquarters).
While higher prices benefit producers in the form of increased exports and revenues, there are medium-term drawbacks if rising prices stifle the fragile post-pandemic economic recovery.
The trend could also encourage new competitors into the market, making the exploration of new fields more profitable or even encouraging the trend towards renewables.
OPEC has been sticking to an increase in production of 400,000 barrels per day (bpd), agreed in July, but could nonetheless be tempted to open the taps further.
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