OPEC+ Eyes Fresh Oil Output Hike as Market Share Battle Heats Up

Amid global energy volatility, the world’s attention is now fixed on the upcoming OPEC+ meeting scheduled for October 5. The producer alliance, led by Saudi Arabia, is widely expected to approve another oil output increase for November as part of its strategy to reclaim global market share.

According to people familiar with the matter, the group is considering an additional hike of at least 137,000 barrels per day, matching the increase already set for October. This move is part of OPEC+’s plan to gradually restore a suspended supply layer totaling 1.66 million barrels per day.

Despite repeated industry warnings of a looming surplus, markets have so far absorbed the extra supply with little disruption. Brent futures have even climbed about 3% this month. However, October’s planned hike was notably smaller than earlier increments, and some member states still lack the capacity to meet their quotas.

The meeting will also take place just weeks before Saudi Crown Prince Mohammed bin Salman’s scheduled visit to Washington in November, where he is expected to meet U.S. President Donald Trump. The White House has been pressing for lower fuel prices to ease inflationary pressures and pave the way for lower interest rates.

While no final decision has yet been made, insiders suggest OPEC+ is preparing for another round in the intensifying battle over global oil market share.