Russia’s Novak expects OPEC+ to up oil output by 400,000 bpd in November

Russia expects OPEC+ to raise its output by 400,000 barrels per day (bpd) at the Nov. 4 meeting, as previously agreed, Deputy Prime Minister Alexander Novak told Reuters.

Novak also said he expects oil demand to reach a pre-pandemic level by the end of next year but said it was difficult to predict if oil prices will hit record highs as gas prices have done.

"Demand (for oil) can decline as there is still uncertainty. We also see there is yet another pandemic wave spreading across the world," Novak said.

The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the alliance is known, raised its output targets by 400,000 bpd in September.