OPEC+ Nations Seek Consensus on November Oil Production Increase Amid Price Pressure

OPEC+ nations are deliberating on how to adjust their oil production for November, with discussions focusing on either a modest increase of about 137,000 barrels per day or a more substantial boost potentially exceeding twice that amount. Saudi Arabia and the United Arab Emirates are advocating for faster output increases to regain market share amid prices near a four-month low, while Russia prefers a more cautious rise, citing challenges such as sanctions and supply constraints from ongoing conflicts. The group is considering the phased restoration of about 1.65 million barrels per day of halted production, following recent swift returns of previous output cuts. This debate comes ahead of Saudi Crown Prince Mohammed bin Salman's upcoming meeting with President Donald Trump, who has publicly urged for lower fuel prices. Despite internal divisions, OPEC+ members aim to balance market share ambitions with concerns over an impending oil surplus and geopolitical risks impacting supply, especially from Russia. The alliance's decision will influence global oil markets amid a backdrop of shifting production strategies and external political pressures.