OPEC+ is considering accelerating oil output increases in November, potentially raising production by two to three times the October hike of 137,000 barrels per day, sources familiar with the talks said. The move would extend efforts led by Saudi Arabia to claw back market share after the group reversed its strategy of output cuts earlier this year.
Reuters carry the report, in brief:
The eight producers scheduled to meet on October 5 could approve an increase of between 274,000 and 411,000 bpd, with one source suggesting the hike could reach as high as 500,000 bpd. However, Russia has signaled unease about a larger rise, citing sanctions that constrain its own production and concerns about weakening seasonal demand.
OPEC+, which pumps about half the world’s oil, has already lifted quotas by more than 2.5 million bpd since April following pressure from U.S. President Donald Trump to lower prices. The alliance has unwound part of its 5.85 million bpd in cuts in monthly increments, ranging from 137,000 to 548,000 bpd.
Confusion over the group’s intentions has grown after Bloomberg reported on Tuesday that OPEC+ was weighing a 500,000 bpd hike, prompting OPEC to deny those reports as “inaccurate and misleading.” Saudi authorities have not yet commented.
The next OPEC+ online meeting of eight members is set for Sunday, when they will decide whether to approve a November increase that could accelerate the rollback of remaining cuts.
