The Organization of Petroleum exporting countries OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day for November at its meeting next Sunday as rising oil prices encourage the group to try to regain more market share, said sources familiar with the talks.
The group may also speed up production increases in November from the 137,000bdp hike it made for October at the meeting.
The group has made no final decision yet and member Russia could oppose a larger increase because it is unable to raise output owing to Western sanctions and is worried about weakening seasonal demand, sources said to Reuters.
It has reversed its earlier strategy of output cuts and has already raised quotas by more than 2.5 million bpd, or about 2.4% of world demand, to boost market share and following pressure from U.S. President Donald Trump to lower oil prices.
Eight OPEC+ countries will hold an online meeting on 5 October to decide on November output. OPEC+ pumps about half of the world's oil and includes the Organiation of the Petroleum Exporting Countries plus Russia and other allies.
OPEC in a post on X said it rejected media reports for plans to raise output by 500,000 bpd, calling them inaccurate and misleading.
The group had cut oil output in three phases totaling 5.85 million barrels per day. The first phase, a 2.2 million bpd voluntary cut, will be fully reversed by the end of September. The second phase, involving eight members, began to be eased in October.
The Joint Ministerial Monitoring Committee (JMMC), which reviews quota compliance but doesn’t set output levels, will meet online on Wednesday.
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OPEC+ is expected to maintain its current oil production levels at meetings scheduled for Sunday, as the alliance weighs the risks of an emerging supply glut against ongoing geopolitical uncertainty, four OPEC+ sources told reporters this week.
Crude oil flowed on Saturday (27 September) through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Türkiye for the first time in two-and-a-half years, after an interim deal broke the deadlock, Iraq's oil ministry said.
World oil supply is expected to grow more rapidly this year, with a surplus potentially expanding in 2026 as OPEC+ members increase output and production from non-OPEC countries rises, according to the International Energy Agency (IEA). This contrasts with OPEC's revised outlook.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
Winter weather has brought air travel in the German capital to a complete halt, stranding thousands of passengers as severe icing conditions make runways and aircraft unsafe for operation and force authorities to shut down one of Europe’s key transport hubs.
Storm Leonardo hit Spain and Portugal on Tuesday, forcing more than 11,000 people from their homes, as a man in Portugal died after his car was swept away by floodwaters and a second body was found in Malaga.
An attacker opened fire at the gates of a Shiite Muslim mosque in Islamabad on Friday before detonating a suicide bomb that killed at least 31 people in the deadliest assault of its kind in the capital in more than a decade.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 6th of February, covering the latest developments you need to know.
Greek authorities said they have arrested a member of the armed forces on suspicion of leaking highly sensitive military information to foreign handlers allegedly linked to China.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
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