OPEC+ will likely agree to further accelerate oil output increases on Saturday at its first meeting since oil prices jumped, and then retreated, following Israeli and U.S. attacks on Iran, APA reports citing Reuters.
The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pumped more to help keep gasoline prices lower.
The group has broadly agreed to raise output by about 550,000 barrels per day in August, up from monthly increases of 411,000 bpd it approved for May, June and July, and 138,000 bpd in April, sources familiar with the discussions said ahead of the meeting set to start at 0900 GMT.
Eight members of the group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria - are due to meet online to decide policy for August.
The eight began unwinding their most recent output cut of 2.2 million bpd in April. They then accelerated the hikes in May, June and July, despite the extra supply weighing on crude prices.