OPEC+ will likely approve another oil output hike on Sunday, sources familiar with the discussions said, adding that the producer group was still debating the final size of the increase for September.
OPEC+, which pumps about half of the world’s oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more oil to help keep a lid on gasoline prices.
Three sources 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.
OPEC and authorities in Saudi Arabia did not respond to requests for comment sent on Thursday.
(Editing by Dmitry Zhdannikov and Kirsten Donovan)