OPEC+ is expected to discuss a larger oil production increase of 411,000 barrels per day for November at an upcoming meeting. This move follows rising oil prices and aims to regain market share. The group has already raised its output quotas by more than 2.5 million barrels per day to boost market presence, partly due to pressure from U. S. President Donald Trump to lower prices.
Eight OPEC+ countries will meet online on October 5 to make decisions concerning November’s output. Currently, OPEC+ produces about half of the world’s oil and includes members from OPEC and Russia. The proposed 411,000 bpd increase for November would be significantly larger than the previous 137,000 bpd increase for October. There is also a possibility that the increase could reach 500,000 bpd.
The total output reductions from OPEC+ once peaked at 5.85 million bpd, which are being unwound gradually. Meanwhile, a committee meeting on Wednesday will review compliance with output quotas, but it does not have authority over production levels.
With information from Reuters
