OPEC+ is expected to approve a production increase of at least 137,000 barrels per day (b/d) for November at its upcoming virtual meeting on October 5, according to three sources familiar with the discussions, Reuters reported.

This increase is similar in value to the hike in output decided for October’s production but lower than the September and August’s increases of  555,000 bbl/d. The decision to continue easing cuts comes amid pressure to stabilize global oil prices and allow the group to regain market share.

OPEC+ provides about half of the world’s oil and includes the Organization of the Petroleum Exporting Countries plus Russia and other allies. The proposed increase is in line with the group’s policy shift that began in April when  OPEC+ decided to reverse its output cuts policy and has cumulatively raised quotas by more than 2.5 million barrels per day (mmbbl/d), which represents approximately 2.4% of global demand.

The decision to increase supply is partly in response to pressure from US President Donald Trump to ease crude prices. Oil prices were above $80 per barrel at the start of 2025, and they have mostly hovered between $60 and $70 per barrel since OPEC began increasing production in April.

However, it recorded above $70 per barrel on Friday, which is the highest since the beginning of August, due to the attacks of Ukrainian drones on the Russian energy infrastructure, which disrupted refining and shipments from one of the world’s biggest oil exporters, Reuters said.