OPEC+ is likely to approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday to regain market share, following previous increases totaling 2.5 million barrels per day. The group pumps about half of the world’s oil and includes OPEC, Russia, and other allies. Oil prices have traded between $60-$70 per barrel since April. Prices rose above $70 on Friday due to Ukrainian drone attacks on Russia’s energy infrastructure.

The group’s total output reductions peaked at 5.85 million bpd, with voluntary cuts and reductions by specific members. OPEC+ plans to fully unwind cuts by the end of September, and an additional 137,000 bpd increase is expected in November. The United Arab Emirates has been approved to boost production by 300,000 bpd. Most members are already at capacity, leading to lower-than-expected hikes. OPEC+ cuts are set to last until the end of 2026.

Read more at Yahoo Finance: OPEC+ plans another oil output hike in November, sources say