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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