OPEC+ set to agree another modest oil output increase, sources say

Source: Reuters

November 2, 2025 7:26 AM EST Updated 3 hours ago


LONDON/MOSCOW, Nov 2 (Reuters) - OPEC+ is set to agree on Sunday on another modest increase in oil output targets, three sources familiar with the talks said, as the producers' group moderates plans to regain market share due to rising fears of a supply glut.

OPEC+ has raised output targets by more than 2.7 million barrels per day - about 2.5% of global supply - since April, but slowed the pace in October and November from larger increases amid predictions of a looming oversupply.

New Western sanctions on OPEC+ member Russia are adding to challenges in the discussions, as Moscow may struggle to further raise output after the U.S. and Britain imposed new measures on top producers Rosneft and Lukoil.

Eight OPEC+ members - Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Oman, Kazakhstan and Algeria - have agreed in principle to increase December output targets by 137,000 barrels per day, the three sources said. They declined to be named because they are not allowed to speak to the media. The agreement in principle means the Sunday meeting will likely quickly approve the deal when it meets virtually at 1600 GMT, the three sources said.

Read more: https://www.reuters.com/business/energy/opec-set-agree-another-modest-oil-output-increase-sources-say-2025-11-02/