LONDON: OPEC+ is considering accelerating its oil production increases for November after implementing a 137,000 barrel per day hike for October.
Three sources familiar with the talks revealed that the group’s leader Saudi Arabia is pushing to regain market share.
The organisation has not yet made a final decision, and member Russia could oppose a larger increase.
Russia’s potential opposition stems from its inability to raise output due to Western sanctions and concerns about weakening seasonal demand.
Eight OPEC+ members could agree to raise November production by 274,000 to 411,000 barrels per day.
This potential increase would be two or three times larger than the October hike of 137,000 barrels per day.
One source suggested the increase could reach as much as 500,000 barrels per day.
Bloomberg News earlier reported that OPEC+ was considering accelerating increases by 500,000 barrels per day.
OPEC rejected media reports about plans to raise output by 500,000 barrels per day in a post on X.
The organisation called these reports inaccurate and misleading.
Saudi Arabian authorities did not immediately respond to requests for comment.
OPEC+ reversed its strategy of output cuts in April and has since raised quotas by more than 2.5 million barrels per day.
These increases represent about 2.4% of world demand and follow pressure from US President Donald Trump to lower oil prices.
The group has implemented monthly output increases ranging from as little as 137,000 to as much as 548,000 barrels per day.
Eight OPEC+ countries will hold an online meeting on October 5 to decide November output levels.
OPEC+ includes the Organization of the Petroleum Exporting Countries, Russia and other allied producers.
At their peak, OPEC+’s total output reductions amounted to 5.85 million barrels per day.
These reductions consisted of three different elements including voluntary cuts and member-specific reductions.
The eight producers plan to fully unwind one element of those cuts totaling 2.2 million barrels per day by the end of September.
For October, they began removing a second layer of 1.65 million barrels per day with the 137,000 barrel per day increase. – Reuters
