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OPEC+ countries to hold meeting at 1100 GMT on Sunday

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Countries agree in principle on 137,000 bpd hike, sources

say

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Saudi Arabia, Russia had different views ahead of Sunday

(Recasts on agreement in principle)

By Olesya Astakhova and Dmitry Zhdannikov

LONDON/MOSCOW, Oct 5 (Reuters) - OPEC+ will raise oil

output from November by 137,000 barrels per day (bpd), the same

fairly modest increase as in October, three people close to the

matter said on Sunday.

The group comprising the Organization of the Petroleum

Exporting Countries plus Russia and some smaller producers has

increased its oil output targets by more than 2.6 million bpd

this year, equating to about 2.5% of global demand.

The shift in policy after years of cuts is designed to

regain market share from rivals such as U.S. shale producers.

OPEC+ has agreed in principle on a 137,000 bpd increase,

three OPEC+ sources said ahead of an online meeting scheduled

for 1100 GMT on Sunday.

In the build up to the meeting, Russia and Saudi Arabia, the

two biggest producers in the OPEC+ group, had different views,

sources have said.

Russia was advocating for a modest output increase, the same

as in October, to avoid pressuring oil prices and because it

would struggle to raise output owing to sanctions over its war

in Ukraine, two sources said this week.

Saudi Arabia would have preferred double, triple or even

quadruple that figure - 274,000 bpd, 411,000 bpd or 548,000 bpd

respectively, sources said ahead of the meeting.

OPEC+ output cuts had peaked in March, amounting to 5.85

million bpd in total. The cuts were made up of three elements:

voluntary cuts of 2.2 million bpd, 1.65 million bpd by eight

members and a further 2 million bpd by the whole group.

The eight producers plan to fully unwind one element of

those cuts - 2.2 million bpd - by the end of September. For

October, they started removing the second layer of 1.65 million

bpd with the increase of 137,000 bpd.