OPEC+ Eyes Major Oil Output Boost Amid Global Price Surge

Amid surging oil prices, OPEC+ is contemplating a significant escalation in oil production for November, potentially boosting output by 411,000 barrels per day, sources have indicated. This represents a shift from OPEC+'s initial strategy of cutting back production to raise market shares in response to global demand dynamics and pressures from U.S. President Donald Trump to stabilize oil prices.

On October 5, eight OPEC+ nations will convene virtually to finalize production decisions for November. The group, comprising the Organization of the Petroleum Exporting Countries, Russia, and other allied producers, currently accounts for nearly half of the global oil supply. The proposed plan of hiking November's output threefold compared to October reflects a strategic adjustment to earlier production levels.

Discussions are ongoing, with a possibility of increasing production by up to 500,000 barrels per day being considered. Furthermore, a separate panel, the Joint Ministerial Monitoring Committee, will meet to evaluate compliance with output quotas, although it lacks the authority to alter production levels. The upcoming decisions are crucial as OPEC+ aims to balance the intricate dynamics of global oil supply and demand.

(With inputs from agencies.)