The OPEC is likely to approve another increase in oil production of at least 137,000 barrels per day (BPD) at its meeting next Sunday, since the rise in prices is encouraging the group to try to recover even more market share, three conversations -known sources said.
The OPEC has reversed its production cuts strategy as of April and has already raised the fees in more than 2.5 million BPD, which represents about 2.4% of the world demand, to boost the market share and after receiving pressures from the president of the United States, Donald Trump, to lower the price the oil.
Eight OPEC countries will hold an online meeting on October 5 to decide the production of November. The OPEC pumps about half the world oil and includes the organization of more Russian oil exporting countries and other allies.
The headquarters of the OPEC and the authorities of Saudi Arabia did not immediately respond to the requests for comments.
Oil prices have fallen from the more than $ 80 per barrel at the beginning of the year, but they have moved mainly in a narrow range of $ 60-70 per barrel since the OPEC began raising the pumping in April.
The prices touched on Friday their maximum since August 1, exceeding 70 dollars per barrel, supported by the attacks of Ukrainian drones to Russia’s energy infrastructure, which interrupted the refining and shipments of one of the largest world oil exporters.
The total reduction in the group’s production amounted to 5.85 million BPD, composed of three different elements: volunteer cuts of 2.2 million BPD, plus 1.65 million BPD by eight members, and another 2 million BPD by the entire group.
The eight producers plan to completely remove one of the elements of those cuts -2.2 million BPD- at the end of September. For October they will begin to withdraw a second layer, of 1.65 million BPD, with an increase of 137,000 BPD.
The OPEC also gave its approval to the United Arab Emirates to increase production by 300,000 BPD between April and September.
The November increase, which will be discussed on October 5, will amount to at least 137,000 BPD, equal to October, according to the three sources. A definitive decision has not yet been made, sources said.
OPEC increases have been lower than the promised amounts because most members are pumping to the limit of their capacity, according to analysts.
The third level of OPEC cuts, of 2 million BPD, will last until the end of 2026.
