OPEC Likely To Approve Another Output Hike For November

The planned October hike is sharply lower than the increments that the group announced in the two prior months. (Image Source: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

OPEC+ will likely raise oil output again in November as the group continues its strategy to reclaim global market share, according to people familiar with its plans.

The alliance led by Saudi Arabia will consider adding at least as much as the 137,000-barrel-a-day hike scheduled for October when it meets online Oct. 5, the people said. They asked not to be identified as the talks are private.

The Organization of the Petroleum Exporting Countries and its allies have started to revive a new layer of halted output, amounting to 1.66 million barrels a day, in monthly stages despite warnings f