Saudi Arabia reportedly hopes that OPEC+ will increase production at a faster pace and is eager to regain the market share that has been eroded.

Insiders said that Saudi Arabia, the leading country of the Organization of the Petroleum Exporting Countries (OPEC+), hopes the organization will consider further increasing oil production before resuming planned production increases at the end of next year to regain market share. OPEC+ will hold a video conference on Sunday to discuss how to handle the daily suspension of 1.66 million barrels of production. For the past five months, the organization had just accelerated the previous stage of the production increase plan. Brent crude oil futures briefly fell 2.4%. Insiders said that no decision has been made yet, and it is uncertain whether the production increase plan will be finalized on Sunday or in the coming months. They said that Saudi Arabia, which had previously pushed for an accelerated production increase to regain global market share, now hopes to further increase production to offset the impact of falling oil prices by expanding output. Any proposal to increase production may face opposition from other member countries more inclined to support oil prices. If production is increased, this move will further consolidate a significant shift in the OPEC+ strategy - from price maintenance to market share retention, putting pressure on some member countries. Saudi Crown Prince Mohammed bin Salman plans to visit Washington in November to meet with Trump, who has called for lower oil prices. Insiders also added that various options, including suspending production increases for a period, are still possible. OPEC+ is jointly led by Saudi Arabia and Russia.