API inventories jumped by 3.6 million barrels, and U.S. oil fell more than 1% to the 83 mark

The Organization of the Petroleum Exporting Countries and its allies are expected this week to stick to their modest production increases, ignoring calls from oil consumers to step up action to curb soaring oil prices
.
All 21 respondents expect OPEC and its partners to approve a planned increase of 400,000 b/d in December at their November 4 meeting, continuing to gradually resume production
suspended during the pandemic.

Despite pressure from the United States and Japan, countries, including Kuwait, have said there is no need to increase production
faster.
Saudi Arabia and OPEC+, which has 23 members, have resisted, with rare comments from Kuwait to Kazakhstan, saying they need to be cautious
.
After several countries launched diplomatic moves privately, Biden said on Sunday that he was considering taking action but would not elaborate on why
.
King Capital believes that the US government is prepared to release emergency oil reserves
.

Helima Croft, head of commodity strategy at Royal Bank of Canada, said that given the pressure from the White House and other major oil consumers such as India, we certainly cannot rule out the possibility
that Saudi Arabia will approve additional production increases that are not expected.
But so far, OPEC seems intent on staying on its plan
.

Iranian Oil Minister Javad Owji did not give a timeline for oil sales to improve in comments to Iranian state television, saying it included both exports and domestic sales
.
After a period of strong domestic demand, oil by-product exports will recover
within two weeks.
Owji did not provide further details
on sales volumes or current export levels.

Pavel Molchanov, an analyst at Raymond James & Associates, said OPEC was facing political pressure from importing countries to increase supply as oil prices were at their highest level
in seven years.
Balancing demand and political pressure – it seems that maintaining the status quo is the most logical course of action for OPEC at the moment
.

Brent crude oil prices surged more than
60% in 2021.
Oil prices hit a three-year high of $86.
70 last week as global demand recovered and OPEC and its Russia-led allies were slow to roll out record production cuts
.