LONDON/MOSCOW: OPEC+ will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions said, as the group seeks to regain market share.
Another boost would mean that OPEC+, which pumps about half of the world’s oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule.
Eight OPEC+ countries are due to hold an online meeting to decide output for October on Sunday.
There is also a chance, some analysts and an OPEC+ source said, that OPEC+ could pause the increases for October.
A final decision has not been made, the OPEC+ source said.
OPEC headquarters and authorities in Saudi Arabia did not immediately respond to requests for comment.
American Dollar Exchange Rate