The meetings will decide the group's January production levels. The existing pact calls on OPEC+ countries to hike output quotas by 400,000 b/d, though the volumes can be changed per market conditions.

The OPEC+ alliance is scheduled to meet Dec. 2 to decide on January production levels, amid strong hints from the US, China, Japan and India that a coordinated crude release from their strategic petroleum reserves was imminent.

China, India, Japan, South Korea and the UK will join the US in releasing strategic oil stocks, the White House said, without giving further details.

Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of December 2021, as per the attached schedule.

“Together, OPEC and GECF can count on their respective competencies to ensure that the global economy heals after the devastation of coronavirus and that a reliable and secure energy supply serves humanity like never before,”

Ministers from the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies - colectively known as OPEC+ - meet on Nov. 4 to decide output policy.

OPEC+ has been sticking to its script of bringing on 400,000 b/d of crude to the market each month, with the Saudi energy minister suggesting panic buying is causing much of the market tightness.

India, the world's third-biggest importer and consumer of crude, meets around 85% of its demand via overseas purchases with Iraq, Saudi Arabia and the United States being the top three suppliers. India also imports 55% of its gas demand via imports.

The OPEC+ alliance has agreed to increase production by 400,000 b/d through the end of 2022, aiming to eliminate the historic cuts it implemented through the pandemic by late in the year

Reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021, as per the attached schedule.