OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), it said on Sunday, opting for the same fairly modest monthly increase as in October amid persistent worries over a looming supply glut.

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 2.7 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.

Supply glut seen in fourth quarter

Oil prices settled higher on Friday but posted a weekly loss of 8.1% after news of potential increases to OPEC+ supply.

Brent crude futures closed up 42 cents, or 0.7%, at $64.53 a barrel by,

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