The oil and energy ministers of the OPEC+ met today (Thursday, November 4) in a video conference, where the price of oil reached the highest level in recent years between the two meetings of the coalition and October 25 exceeded $86 per barrel (Brent).

"Take a look at oil prices," US President Joe Biden told a news conference at the United Nations Climate Change Conference in Glasgow, Scotland, as crude oil prices rose in world markets. “Fuel costs are high due to Russia's and OPEC refusal to produce more oil.”

At their 19th meeting in July, OPEC and its allies agreed to increase production by a total of 400,000 barrels per day each month to end the supply limit of 5.8 million barrels per day.

Key members of OPEC and its allies have not shown any signs of surrendering before the summit, despite Biden protests backed by India and Japan, and some OPEC ministers, such as Iraq and Kuwait, have said they plan to stick to the gradual production increase by 400,000 barrels a month.

However, we have to wait until the end of the meeting of the members of the coalition. Will OPEC+, like the previous meeting, continue the July agreement regardless of the White House’s calls, or will it surrender to the United States? If OPEC+ succumbs to US demands, it is unclear how much more than 400,000 barrels a day will be enough for Biden; 600,000 barrels or 800,000 barrels for December? We have to wait until the end of the meeting.

In response to the collapse in demand at the height of the Covid-19 outbreak, OPEC+ reduced the group’s output by 9.7 million barrels per day in May 2020, equivalent to about 10% of global demand, but has since eased supply constraints over time with strengthening demand.