OPEC+ plans another oil output hike in November, sources say

Core Viewpoint - OPEC+ is expected to approve an oil production increase of at least 137,000 barrels per day in response to rising oil prices and to regain market share [1][6]. Group 1: OPEC+ Production Strategy - OPEC+ has shifted from a strategy of output cuts to increasing production, having already raised quotas by over 2.5 million barrels per day, which is approximately 2.4% of global demand [2]. - The group plans to hold an online meeting on October 5 to discuss production levels for November [2]. - OPEC+ currently accounts for about half of the world's oil supply, including member countries and allies like Russia [2]. Group 2: Oil Price Trends - 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 in April [3]. - Recent price increases have been attributed to disruptions in Russian energy infrastructure due to Ukrainian drone attacks, pushing prices above $70 per barrel [4]. Group 3: Production Cuts and Increases - OPEC+ had previously implemented production cuts totaling 5.85 million barrels per day, which included voluntary cuts and reductions by various members [4]. - The group is in the process of unwinding these cuts, with plans to remove 2.2 million barrels per day by the end of September and an additional 1.65 million barrels per day starting in October [5]. - The anticipated increase for November is expected to match the October increase of 137,000 barrels per day, although actual increases have not met pledged amounts due to capacity constraints among members [6].