OPEC+ is set to approve another oil production hike of at least 137,000 barrels per day in November, according to sources familiar with the talks.
This decision will be made official during an online meeting of eight OPEC+ countries on October 5. Rising oil prices, recently topping $70 per barrel, encourage the group to try to further regain market share.
The November increase will be similar to the October hike, with OPEC+ aiming to boost market share and address pressure from U.S. President Donald Trump to lower oil prices. OPEC+ has already raised quotas by more than 2.5 million barrels per day since April, representing about 2.4% of world demand.
According to sources, OPEC+ hikes have fallen short of the pledged amounts because most members are pumping at capacity, analysts have said. OPEC+’s third group-wide layer of cuts of 2 million bpd is due to last until the end of 2026. “OPEC+ hikes have fallen short of the pledged amounts because most members are pumping at capacity,” analysts noted.
Eight OPEC+ countries will hold an online meeting on October 5 to decide on November output. OPEC+ pumps about half of the world’s oil and includes the Organization of the Petroleum Exporting Countries plus Russia and other allies. OPEC headquarters and authorities in Saudi Arabia did not immediately respond to requests for comment.
Oil prices have fallen from over $80 per barrel at the start of the year but have mostly traded in a narrow range of $60-$70 per barrel since OPEC began production increases in April. On Friday, prices rose to their highest since August 1, hitting levels above $70 per barrel, supported by Ukrainian drone attacks on Russia’s energy infrastructure which disrupted refining and shipments from one of the world’s biggest oil exporters.
The group’s total output reductions amounted at their peak to 5.85 million bpd, made up of three different elements – voluntary cuts of 2.2 million bpd, plus 1.65 million bpd by eight members, and another 2.0 million bpd by the whole group. OPEC+ also gave the United Arab Emirates approval to boost production by 300,000 bpd between April and September.
As OPEC+ continues to navigate the complex oil market landscape, the decision to increase production will likely have significant implications for the global energy sector. With oil prices remaining a key factor, OPEC+’s strategy will be closely watched by industry experts and analysts.
