OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday.
OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by more than 2.5 million barrels per day, representing about 2.4% of world demand, to boost market share and after coming under pressure from U.S. President Donald Trump to lower oil prices.
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.