OPEC+ agrees modest oil output hike from November, sources say

OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), the same fairly modest increase as in October, three people close to the matter said on Sunday.

The group comprising the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers has increased its oil output targets by more than 2.6 million bpd this year, equating to about 2.5% of global demand.

The shift in policy after years of cuts is designed to regain market share from rivals such as U.S. shale producers.