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OPEC+ is set to agree to further raise oil output on Sunday, while probably slowing the pace of increases from October compared with recent months because of weakening global demand, an Iraqi official and OPEC+ sources said.
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OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, has reversed its strategy of output cuts from April and has already raised quotas by about 2.5 million barrels per day.
That increase, which equates to about 2.4 percent of world demand, was intended to boost market share amid pressure from U.S. President Donald Trump for lower oil prices.
But those increases have failed to significantly dent oil prices, which are trading near US$66 (HK$514.8) a barrel supported by Western sanctions on Russia and Iran, encouraging further oil production increases by rivals such as the United States.
A deal on Sunday to boost output from October - to be discussed at an online meeting of the group's members due to start at 1230 GMT - would mean OPEC+ would begin to unwind a second tranche of cuts of about 1.65 million bpd more than a year ahead of schedule, after fully unwinding the first tranche since April.
REUTERS
