OPEC+ is set to raise oil output in November and aims to reclaim its global market share, according to Bloomberg.

Citing sources that were present at the group’s recent meeting, the media outlet highlighted that Saudi Arabia would aim to match OPEC’s 137,000-barrel-per-day (bpd) increase scheduled for October by the 5th of that month, with other member countries now restarting output after a period of inactivity. The increase is expected to add 1.66mn bpd to the world stage despite industry warnings of a surplus. However, the oil market has so far been able to absorb any additional barrels without noticeable changes – according to Bloomberg, which underscored a 3% increase in Brent crude futures.

Although news of an additional production hike is notable, the October increase is significantly lower than plans previously revealed in the past two months, with delegates saying at the time that certain countries would be unable to meet targets.

OPEC+’s planned meeting comes amid plans by Saudi Crown Prince Mohammed bin Salman to visit Donald Trump in Washington in November, with the US president having previously demanded lower fuel prices in his quest to reduce interest rates and inflation.

Despite this, recent sanctions on Iran may keep oil prices high contrary to Trump’s hopes, with the president’s previous moves aiming to damage teapot refineries in China – as well as OPEC+ production cuts – leading to a cost increase of 5% in April.

At the time, the steady rise in prices had been fed by general market volatility following Trump’s introduction of import tariffs on 180 countries.

Commenting on the development, Kedia Stocks & Commodities Research said crude prices had risen due to “renewed geopolitical tensions and supply-side concerns,” adding: “The rally was primarily driven by heightened fears over Iranian crude exports after US Treasury Secretary Scott Bessent announced continued pressure on Iran, including sanctions on Chinese companies importing Iranian oil.”

Currently, OPEC+ has not yet made a final decision on whether to commit to production increases, according to Bloomberg.