OPEC+ is expected to agree on a modest increase in oil output targets on Sunday, aiming to regain market share while addressing fears of a supply glut. Output targets have been raised by over 2.7 million barrels per day since April, with a slower pace in recent months due to oversupply concerns.

New Western sanctions on Russia present challenges for OPEC+ discussions, impacting Moscow’s ability to raise output. Eight OPEC+ members are set to agree on a 137,000 bpd increase in December output targets. There is a possibility of a pause in output hikes, according to sources familiar with the talks.

Oil prices fell to $60 a barrel in October amid surplus worries but have since rebounded to around $65 a barrel. Analysts anticipate OPEC+ will raise targets by 137,000 bpd for December. The meeting is scheduled for Sunday at 1600 GMT.

OPEC+ had been reducing output until April, with cuts peaking in March at 5.85 million bpd. The group is unwinding voluntary cuts, with the last element slated to remain in place until the end of 2026. Discussions continue as the producers’ group navigates market dynamics and geopolitical challenges.

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