London/Moscow (Reuters) -L’OPP+ decided to make a slight increase in its oil production from November, 137,000 barrels per day, we learned from three sources close to the oil cartel.
The group, which brings together the organization of oil exporting countries, Russia and several small producing countries, has in total this year its production objectives of more than 2.6 million BPJ, or 2.5% of global demand, after having reduced its offer for years.
This strategic turnaround is explained by the group’s desire to resume market share to competitors, in particular American shale oil producers.
According to the three sources interviewed by Reuters, an agreement in principle on an increase of 137,000 BPJ was concluded in anticipation of a virtual meeting of OPEC+ members programmed at 11:00 GMT, but Saudi Arabia and Russia, the two heavyweights of the organization, fiercely debated this decision.
Russia, whose petroleum resources are essential to finance the war in Ukraine, advocated an increase in more modest production to avoid encouraging more prices.
Saudi Arabia would have preferred to raise the offer much more strongly, from 274,000, 411,000 or even 548,000 BPJ, sources said before the meeting.
(Olesya Astakhova and Dmitry Zhdannikov; Jean-Stéphane Brosse for the )
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