OPEC+ to consider bigger increase to oil output, sources say

OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day (bpd) for November at its meeting next Sunday as rising oil prices encourage the group to try to regain more market share, said two sources familiar with the talks.

A 411,000 bpd jump would be three times the 137,000 bpd increase that OPEC+ agreed for October. A third source said November’s increase could be as much as 500,000 bpd.

A final decision has not been made, the sources added.