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Sources say that OPEC+ will consider a further increase in oil production on Sunday

OPEC+ is expected to consider increasing oil production during a Sunday meeting, according to two sources who are familiar with the discussion. The group wants to regain its market share.

OPEC+ would also be able to start unwinding a second layer, a cut of around 1.65 million barrels a day or 1.6%, of global demand more than a full year earlier.

On Sunday, eight OPEC+ nations will hold a virtual meeting to determine the output for October. OPEC+ is the Organization of the Petroleum Exporting Countries, plus Russia and its allies.

Some analysts and a source from OPEC+ said that there is a possibility that OPEC+ may pause its increases in October. The OPEC+ official said that a final decision had not yet been made.

OPEC's headquarters in Saudi Arabia and its authorities did not respond immediately to comments.

OPEC+'s increased production has not lowered oil prices. The group's actual increases have been less than the pledges, as some members have compensated for overproduction while others struggle to increase output due to capacity limitations.

Brent crude traded near $68 per barrel on Wednesday. This was down more than 1% for the day, but it is up from an April 2025 low near $58.

OPEC+ has been reducing production to support oil prices for several years. This year, it reversed its course to gain market share. It was prompted in part by President Donald Trump's calls for OPEC production to be increased to control gasoline prices.

The eight countries raised their production for September by 547,000 bpd at their last meeting, reversing the largest chunk of cuts in output. They also increased output for the United Arab Emirates, which amounted to around 2.5 million bpd.

(Reporting by Alex Lawler and Olesya Astakhova; Additional reporting by Ahmad Ghaddar and Yousef Saba; Editing by Dmitry Zhdannikov and Bernadette Baum) (Reporting and editing by Dmitry Zhdannikov, Bernadettebaum and Dmitry Zhdannikov; Additional reporting by Ahmad Ghaddar; Yousef Sabah; and Bernadettebaum and Dmitry Zhdannikov)

(source: Reuters)