OPEC to decide November output rise as Saudi pushes Russia cautious

Eight OPEC producers are set to consider accelerating oil output increases for November at an online meeting on Sunday, October 5, with Saudi Arabia pressing for a substantial rise and Russia urging a more modest approach, people involved in the discussions said. Delegates are weighing increases broadly in the 274,000 to 411,000 barrels per day range, two to three times the October hike of 137,000 barrels per day, and one source suggested the figure could reach as high as 500,000 barrels per day. OPEC said it has no plans to raise output by 500,000 barrels per day.

If approved, the proposed November increase would extend a policy that has seen the group unwind parts of cuts made last year. Since April, OPEC and its partners have lifted quotas by more than 2.5 million barrels per day as they have restarted shuttered capacity. At their peak, coordinated reductions amounted to 5.85 million barrels per day, comprising several tranches that the coalition has been progressively reversing.

Surveys of flows and company data indicate production climbed in September after the group began reopening supplies. Estimates range from about 28.4 million to 29.05 million barrels per day, with...