OPEC+ established for another oil walk as a Saudi and Russian debate size, the sources say

On Ahmad Ghaddar and Olesya Astakhova

It is likely that London/Moscow countries (Reuters) -Eight Opep+ increase further oil production on Sunday with the group leader, Saudi Arabia, pressing for a great increase to recover the market share and Russia suggests a more modest increase, four people said with knowledge of the OPEP+ conversations.

Russia and Saudi Arabia, the two largest producers of the OPEC+, in recent years sometimes they do not agree with the size of the production, but finally found a commitment.

Moscow would prefer that the group increase production in 137,000 barrels per day from November, as well as the increase in October, to avoid putting oil prices and because it would have difficulty increasing production due to sanctions, according to two of the sources.

Saudi Arabia I would prefer to see double, triple or even quadruple that figure: 274,000 BPD, 411,000 BPD or 548,000 BPD respectively, since it has the ability to increase production quickly and wants to increase market share, the sources said.

The OPEC has no plans to increase production by 500,000 BPD, he said Tuesday.

OPEC did not respond to a more comments request. The authorities in Saudi Arabia and Russia did not immediately respond to a request for comments.

OPEC+ has reversed its April production cuts strategy to boost the market share and in response to the pressure of the president of the United States, Donald Trump, in search of lower oil prices.

At its maximum, the total output reductions of the OPEC+amounted to 5.85 million BPD, composed of three elements: volunteer cuts of 2.2 million BPD, 1.65 million BPD for eight members and another 2.0 million BPD throughout the group.

The eight producers plan to completely relax an element of those cuts, 2.2 million BPD, at the end of September. For October, they began eliminating the second layer of 1.65 million BPD with the increase of 137,000 BPD.

The eight OPEC+ countries will hold an online meeting on Sunday, two fountains said on Friday.

Goldman Sachs said Tuesday that he expected the group to increase their quotas by 140,000 BPD.

Petroleum prices on Friday were ongoing for a weekly loss of more than 7% on the perspective of an additional increase in OPEC+ Supply, with raw Brent above $ 64 per barrel.

This is still above a minimum of 2025 of about $ 58 in April.

The cut of 2 million BPD throughout the OPEC+ is in place until the end of 2026.

(Alex Lawler report, Ahmad Ghaddar and Olesya Astakhova, writings by Alex Lawler and Dmitry Zhdannikov, Tomasz Janowski edition)