OPEC+ May Accelerate Oil Production Hikes Amid Market Share Battle
OPEC+ may increase oil production in November beyond the 137,000 barrels per day increase for October, as Saudi Arabia seeks to reclaim market share. The decision remains unfinalized, with Russia potentially opposing it. The group’s output strategy has reversed, raising quotas by more than 2.5 million bpd.
OPEC+ is considering a more aggressive increase in oil production for November, surpassing the 137,000 barrels per day (bpd) rise it implemented for October. This potential move, driven by Saudi Arabia's aim to boost market position, remains unconfirmed.
Russia, facing Western sanctions and concerned about seasonal demand decline, may resist a higher output boost. Despite these challenges, eight OPEC+ members are reportedly exploring increases between 274,000 to 411,000 bpd or even up to 500,000 bpd, far exceeding the previous month's hike.
The organization, including Russia, plans an online meeting on October 5 to finalize decisions. The group's evolving strategy since April reflects pressure to lower oil prices, with cumulative capacity boosts exceeding 2.5 million bpd, or approximately 2.4% of global demand.
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