OPEC+ plans another oil output hike in November: sources

Core Viewpoint - OPEC+ is expected to approve an oil production increase of at least 137,000 barrels per day at its upcoming meeting, driven by rising oil prices and a strategy to regain market share [1][4][10] Group 1: Production Strategy - OPEC+ has reversed its previous strategy of output cuts, having raised quotas by over 2.5 million barrels per day since April, which is approximately 2.4% of global demand [1][4] - The group plans to fully unwind one element of previous cuts of 2.2 million barrels per day by the end of September and is now removing a second layer of cuts, amounting to 1.65 million barrels per day, starting with an increase of 137,000 barrels per day [8][10] - OPEC+ has granted the United Arab Emirates approval to increase production by 300,000 barrels per day between April and September [8] Group 2: Market Impact - Oil prices have fluctuated, falling from over $80 per barrel at the beginning of the year to a range of $60-$70 per barrel since the production increases began [4] - Recent events, such as Ukrainian drone attacks on Russian energy infrastructure, have contributed to a rise in oil prices, which reached above $70 per barrel, the highest since August 1 [5][9] - Analysts note that OPEC+ production hikes have not met pledged amounts as most members are already operating at capacity [10]