OPEC+ Discusses Further Oil Production Boost as Market Share Strategy Unfolds
OPEC+ is deliberating another increase in oil production as part of their strategy to regain market share. This move, pending a final decision, would unwind some current output cuts ahead of schedule. The group, including Russia, may also opt to pause the planned increase in October.
In a strategic maneuver to reclaim its market share, OPEC+ is contemplating another hike in oil production, sources close to the discussion revealed. If implemented, this would unravel a significant portion of current output cuts ahead of schedule, amounting to 1.65 million barrels per day globally.
With an online meeting scheduled for Sunday, eight OPEC+ nations will finalize October's production levels. The coalition, which includes Russia and other allies, continues to face uncertainties; however, a pause in planned increases remains a possibility, according to some analysts.
The responses from OPEC and Saudi Arabian authorities remain pending as oil prices, though higher, have not matched the output pledges due to various production capacity constraints. Brent crude was recently trading at approximately $68 a barrel, reflecting ongoing market adjustments.
(With inputs from agencies.)
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