Overview

• Goldman Sachs projects a 140,000 barrels-per-day quota rise for November and says a larger move remains plausible given inventory trends and demand.
• Sources cited by earlier reports said the Oct. 5 online meeting of eight producers could consider increases of 274,000 to 411,000 bpd, with one scenario reaching 500,000 bpd.
• The OPEC Secretariat issued a formal denial of claims about a major hike, calling such reports inaccurate and noting ministerial discussions had not begun.
• Russia has signaled unease about a larger rise, pointing to sanctions that constrain output and to seasonal demand concerns, according to reporting.
• OPEC+ has restored more than 2.5 million bpd in quotas since April, yet reporting indicates only about 75% of promised additions have been delivered, as fundamentals show U.S. crude stocks at an eight-month low, solid Asian demand, and downside risk to Russian output.