OPEC+ panel recommends sticking to oil output plan, sources say

LONDON (Reuters) -A OPEC+ ministerial panel has recommended that the oil producing group stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, OPEC+ sources said on Monday, despite consumer calls for more oil and cheaper crude.

The Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, is under pressure from big consumers, such as the United States and India, to add extra supplies to cool prices that have surged 50% this year.

Brent climbed above $80 a barrel last month, adding to global inflationary pressures and threatening a recovery from the COVID-19 pandemic.