OPEC+ Weighs Modest Oil Output Increase Amid Market Share Battle

Eight OPEC+ countries are considering a slight increase in oil production for December, with Saudi Arabia leading the charge to regain lost market share, according to four insiders familiar with the negotiations.

OPEC+ has consistently ramped up output targets since April, adding over 2.7 million barrels daily, which accounts for approximately 2.5% of global supply. The upcoming meeting may result in an additional 137,000 barrels per day being sanctioned, two sources revealed, though the others refrained from offering specific figures.

The group's recent decision to raise production by 137,000 barrels for November led to oil prices hitting a five-month low on October 20 due to oversupply concerns. However, new U.S. sanctions on Russia's top oil firms sparked a price rally over $66 a barrel, assuaging investor anxieties.