OPEC+ members appear to have fallen short of meeting existing production increases. A Reuters survey  published Monday found that members of OPEC pumped 27.5 million barrels a day in October. That’s up just 190,000 barrels a day from the previous month and short of the 254,000 barrel-a-day rise permitted under the current OPEC+ agreement. Still, “Saudi Arabia and Iraq do have the capacity to raise output,” the analysts at Zaner said.

West Texas Intermediate crude for December delivery fell 14 cents, or 0.2%, to settle at $83.91 a barrel on the New York Mercantile Exchange after posting gains in each of the previous three sessions. The U.S. benchmark traded at a seven-year high last week. January Brent crude the global benchmark, added a penny to settle at $84.72 a barrel on ICE Futures Europe.

“Despite growing pressure from the major oil consuming countries — following the lead of the U.S. and India, Japan is now also calling for oil production to be expanded to a greater extent — OPEC+ has so far shown no signs that it is willing to do so,” said Carsten Fritsch, analyst at Commerzbank, in a note.  OPEC+ is scheduled to meet Thursday. The group had previously agreed to unwind production cuts it put in place as a result of the COVID-19 pandemic, lifting output in monthly increments of 400,000 barrels a day.