OPEC+ to approve modest December oil output rise of about 137,000 bpd

OPEC and eight allied producers are set to approve a modest rise in December oil production as they meet virtually on Sunday, according to officials familiar with the talks, continuing a cautious rollback of output cuts aimed at regaining market share. Delegates expect the group to lift collective targets by about 137,000 barrels per day, a small addition compared with the roughly 2.7 million barrels per day of capacity restoration announced since April.

The planned increase reflects a deliberate slowdown in the pace of output restorations after larger monthly hikes earlier in the year. Officials said the decision mirrors concerns among producers that world markets may tip into surplus next year even as some consumers shift away from Russian crude under recent Western sanctions. Several OPEC members, joined by Russia, are party to the proposed adjustment; those countries include Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Oman, Kazakhstan and Algeria.

The move comes as fresh U.S. and British measures target major Russian oil companies, creating uncertainty over Moscow’s ability to lift shipments. Patrick Pouyanne, chief executive of TotalEnergies, warned this...