OPEC+ leader Saudi Arabia wants the group to consider reviving more oil production ahead of its scheduled return at the end of next year amid a push to reclaim market share, people familiar with the matter said.Key alliance members will hold a video conference on Sunday that will consider what to do with a 1.66 million barrels a day tranche of halted supplies, having just fast-tracked the return of a previous layer over the past five months.No decision has been made, and it’s not clear whether any increase would be agreed as soon as Sunday or only in later months, some of the people said. Saudi Arabia, which drove the accelerated restart in a bid to recapture global market share, wants to further boost production as it seeks to offset lower prices with higher volumes, they said. Any proposal to increase production could run into opposition from other members keen to prop up prices.A range of options remains possible, including pausing for a period, they added. The OPEC+ alliance is jointly led by the Saudis and Russia.Delegates from the Organization of the Petroleum Exporting Countries have said the Saudis are eager to claw back sales volumes ceded to rivals like US shale drillers. Crown Prince Mohammed bin Salman will visit Washington in November to meet President Donald Trump, who has called for lower fuel prices. “Our latest soundings from the group suggest they are very much considering unwinding that final tranche” of halted supply “sooner rather than later,” Livia Gallarati, global crude lead at Energy Aspects Ltd., said in a Bloomberg television interview. Officials in Saudi Arabia weren’t immediately available for comment outside the country’s normal office hours.Further production increases by OPEC+ threaten to swell an surplus in the fourth quarter anticipcated by forecasters like the International Energy Agency, adding to downward pressure on prices. Even so, the market hasn’t cratered since the group began restoring its 2.2 million barrels a day of shuttered supply, despite concerns the market couldn’t absorb the oil.While extra supply would be a boon for consumers and a win for Trump, it’s a financial threat for producers from the US shale industry to OPEC+ members themselves.India Will Keep Buying Russian Oil, Says Nirmala Sitharaman The move would underscore a clear pivot by OPEC+ toward defending market share and not prices. That would pile pressure on member nations who need high prices, particularly those that cannot pump more.The majority of crude traders surveyed by Bloomberg this week had expected OPEC+ to pause before proceeding with any further increases, as global markets are already on track for a surplus this year. That was before Reuters reported the possibility of an increase.Brent futures are down roughly 10% this year, trading near $67 a barrel in London on Friday. Goldman Sachs Group Inc. predicted in a note that the international benchmark will slump to the low-$50s next year as markets face oversupply.Trump has called for lower prices in order to cushion the cost of living, and tame inflation while he presses the Federal Reserve to reduce interest rates. The president has also said that weaker oil prices will help him pressure Russia to end its war against Ukraine. Sunday’s meeting is one of the countries’ regular monthly gatherings to review the oil market and adherence with existing supply restrictions. Oil Prices Set For Weekly Loss As Tension Builds Ahead Of OPEC+ Meeting. Read more on Markets by NDTV Profit.