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

Eight OPEC+ countries will hold an online meeting on October 5 to decide on November output

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OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday, as rising oil prices encourage the group to try to further regain market share, three sources familiar with the talks said.

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 per cent of world demand, to boost market share and after coming under pressure from US President Donald Trump to lower oil prices, Reuters reported.

Eight OPEC+ countries will hold an online meeting on October 5 to decide on November output.