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OPEC+ countries to hold meeting at 1100 GMT on Sunday

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Smallest likely increase would be 137,000 bpd, source says

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Saudi Arabia would prefer a larger increase, sources say

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Russia would prefer minimal increase, sources say

By Olesya Astakhova and Dmitry Zhdannikov

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

output further from November when it meets on Sunday, sources

close to the talks said, with Saudi Arabia pushing for a larger

increase to regain market share and Russia suggesting a more

modest rise.

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

barrels per day (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.

Russia and Saudi Arabia, the two biggest producers in the OPEC+

group, have disagreed on the size of increases from time to time

but have ultimately reached compromise agreements.

Moscow would prefer the group to raise output by 137,000 bpd

from November, 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 prefer to double, triple or even quadruple

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

respectively - because it can ramp up production quickly and

wants to grow market share, the sources said.

No final decision has been taken, two sources said, with one

expecting a minimal rise of 137,000 bpd while the other said

that 274,000 bpd was most likely.

The eight OPEC+ countries will hold an online meeting at

1100 GMT on Sunday, the two sources said.

Previous 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.