According to sources familiar with the matter, OPEC+ may raise oil production again in November as the organization continues its strategy to reclaim global market share.

The Saudi-led alliance will hold an online meeting on October 5, where members will consider increasing output by at least the same amount as the planned October increase of 137,000 barrels per day, according to sources who requested anonymity due to the confidential nature of the discussions.

Despite widespread industry warnings of impending oversupply, the Organization of the Petroleum Exporting Countries (OPEC) and its allies have begun gradually restoring previously suspended production capacity, totaling 1.66 million barrels per day.

So far, the market has absorbed the alliance's increased oil supply without significant volatility, with Brent crude futures rising 3% this month.

However, the planned October production increase remains well below the levels announced by the organization in the previous two months, with delegates emphasizing at the time that actual supply increases would be smaller due to insufficient production capacity in some countries.

Sources indicated that final decisions have not yet been made, and discussions could still change before Sunday's meeting. Reuters first reported expectations for this meeting.