OPEC+ Set for Another Oil Hike as Saudi Arabia, Russia Debate Size, Sources Say

LONDON/MOSCOW : Eight OPEC+ countries are likely to raise oil output again on Sunday, with Saudi Arabia pushing for a larger increase to regain market share, while Russia prefers a more modest rise, four sources familiar with OPEC+ talks said.
Saudi Arabia and Russia, the two largest OPEC+ producers, have occasionally disagreed in recent years over output increases but usually reach a compromise.
Moscow would prefer a rise of 137,000 barrels per day (bpd) from November, the same increase implemented in October, to avoid pressuring oil prices and due to challenges in boosting output under sanctions, according to two sources.
Saudi Arabia, however, is reportedly considering increases of 274,000 bpd, 411,000 bpd, or even 548,000 bpd, as it has the capacity to ramp up production quickly and aims to expand market share.
OPEC has stated it does not plan to raise output by 500,000 bpd. The organisation did not respond to requests for further comment and authorities in Saudi Arabia and Russia also did not immediately respond.
OPEC+ has shifted from its previous output-cut strategy, implemented in April, to boost market share and respond to pressure from US President Donald Trump seeking lower oil prices.
At their peak, OPEC+ output reductions totalled 5.85 million bpd, comprising voluntary cuts of 2.2 million bpd, 1.65 million bpd by eight members and 2.0 million bpd across the entire group.
The eight producers plan to fully unwind the 2.2 million bpd cut by the end of September. In October, they began easing the second layer of 1.65 million bpd with an increase of 137,000 bpd.
The eight OPEC+ countries are scheduled to hold an online meeting on Sunday, according to two sources. Goldman Sachs on Tuesday projected a potential quota rise of 140,000 bpd.
Oil prices on Friday were on track for a weekly loss of more than 7% amidst expectations of a further supply hike, with Brent crude trading above $64 a barrel — up from a 2025 low near $58 in April.
The 2 million bpd cut across the entire OPEC+ group remains in effect until the end of 2026. — Reuters