OPEC+ considers options for releasing more oil to the market: sources

The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, meets on October 4 to review output policy

OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, at a time when oil prices are near a three-year high and consumers are pressing for more supply.

The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, meets on October 4 to review output policy. In July, the group agreed to boost output by 400,000 bpd a month to phase out 5.8 million bpd in cuts.

Four OPEC+ sources said producers were considering adding more than that deal envisaged, but none gave details on how much more, or when supply would increase. Another OPEC+ source suggested an increase of 800,000 bpd for one month was possible, with zero the next month.