OPEC+ is expected to announce a further increase in oil production from November when the group meets Sunday, Reuters reported, citing sources familiar with the discussions.
Saudi Arabia is pushing for a larger output boost to regain market share, while Russia prefers a more modest increase to avoid putting pressure on oil prices, the report said.
Moscow has suggested maintaining the same increase as October at 137,000 barrels per day (bpd), partly due to its limited ability to raise production because of sanctions related to its war in Ukraine, it added.
In contrast, Saudi Arabia is reportedly advocating for a more substantial increase - potentially doubling to 274,000 bpd, tripling to 411,000 bpd, or even quadrupling to 548,000 bpd. The kingdom can ramp up production quickly and is eager to grow its market share, according to the sources.
No final decision has been reached yet. One source indicated that a minimal rise of 137,000 bpd is expected, while another suggested that 274,000 bpd is the most likely outcome.
The eight OPEC+ countries will hold their online meeting at 1100 GMT on Sunday to finalize the production plans, according to the report.
