@PTINS OPEC boosting oil production as the Ukrainians impact Russian production.
Exclusive: OPEC+ plans another oil output hike in November, sources say | Reuters
OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday, as rising oil prices encourage the group to try to further regain market share, three sources familiar with the talks said.
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Oil prices have fallen from over $80 per barrel at the start of the year but have mostly traded in a narrow range of $60-$70 per barrel since OPEC began production increases in April.
On Friday, prices rose to their highest since August 1, hitting levels above $70 per barrel, supported by Ukrainian drone attacks on Russia's energy infrastructure which disrupted refining and shipments from one of the world's biggest oil exporters.
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The eight producers plan to fully unwind one element of those cuts - 2.2 million bpd - by the end of September. For October, they started removing a second layer, of 1.65 million bpd, with an increase of 137,000 bpd.
OPEC+ also gave the United Arab Emirates approval to boost production by 300,000 bpd between April and September.
The November increase to be discussed on October 5 will amount to at least 137,000 bpd, equal to the October hike, the three sources said. A final decision has not been made, the sources said.