The Organisation of Petroleum Exporting Countries and its allies, OPEC+ is looking to sustain market domination with likelihood to approve another oil output hike on Sunday.
According to sources familiar with the discussions, the producer group is still debating the final size of the increase for September.
The OPEC+, which pumps about half of the world’s oil, has been curtailing production for several years to support the market.
However, it reversed course this year to regain market share, and as U.S. President Donald Trump demanded the OPEC pump more oil to help keep a lid on gasoline prices.
Three sources, according to Oil and Gas 360, said eight OPEC+ members could boost output by 548,000 barrels per day in September while a fourth source familiar with OPEC+ talks said discussions on the volume were ongoing and the hike could be smaller.
The OPEC and authorities in Saudi Arabia did not respond to requests for comment sent on Thursday.
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