• OPEC+ is reportedly set to raise oil output by 137,000 barrels per day from November, but no final decision has been made as talks continue.
• Saudi Arabia seeks larger increases while Russia prefers a modest rise, underscoring lingering divisions within the group.
• Markets and analysts weigh the potential impact, with talk of up to 500,000 bpd and prices sliding toward Brent near $65.
• Eight OPEC+ members have already lifted quotas by more than 2.5 million bpd since April, part of a broader shift to regain market share.

Oil producers are positioned to adjust output from November, with Reuters reporting a plan to raise production while Moscow advocates a modest rise and Riyadh presses for larger steps; no final decision has been taken, two Reuters sources said. The discussions come ahead of an online meeting at 1100 GMT on Sunday.

Moscow would prefer a 137,000 bpd lift from November—the same as in October—to avoid pressuring prices, while Saudi Arabia would push for doubling, tripling or quadrupling that figure to 274,000, 411,000 or 548,000 bpd, according to Reuters. TRT Global adds that Russia could oppose a sizeable increase given sanctions and price concerns, with analysts noting Moscow’s limited room to lift output under Western restrictions.

Analysts and market observers have cautioned about the size of any hike. TRT Global notes that the IEA says global demand outlook remains largely unchanged, with growth around 700,000 bpd for 2025 and 2026, even as Brent has traded lower amid expectations of a larger supply increase. Indiatimes also mentions Brent slipping below $65 per barrel as the debate continues.

Eight OPEC+ members—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Oman, and Algeria—have already raised quotas by more than 2.5 million bpd since April, as the group shifts to regaining market share after earlier cuts. Reuters notes the eight producers plan to unwind one element of the cuts—2.2 million bpd—by the end of September, with October seeing the second layer of 1.65 million bpd eased. The Times of India quotes analyst Jorge Leon on the balancing act: “The increase decided Sunday is manageable for Russia,” while underscoring the tightrope between stability and reclaiming market share.