OPEC+ will meet this weekend to discuss December production levels after the US imposed sanctions on two major Russian oil firms. The group has been managing supply to stabilize the market and support oil prices. Market share was lost due to production cuts, prompting a slow increase in output this year. Saudi Arabia is expected to push for a slight production increase in December to prevent oil prices from falling further.

The decision for a modest output boost comes as OPEC+ aims to maintain market stability amid weakening post-summer demand. The group has been gradually increasing production since April, with a total nominal increase of 2.7 million barrels per day. OPEC+ remains cautious, citing geopolitical uncertainties and the need to retain flexibility in production adjustments.

The looming threat of a global oil glut has prompted OPEC+ to continue adding small volumes to monthly production. Recent US sanctions on Russian oil producers have introduced new geopolitical risks and uncertainties in oil prices. Analysts predict a future glut, but the impact of sanctions on Russian oil trade could further complicate market dynamics. Saudi Arabia’s role in influencing OPEC+ decisions remains crucial in navigating market challenges.

Read more at Yahoo Finance: How Will U.S. Sanctions on Russia Impact OPEC+ Strategy?