The OPEC+ group of oil producers, which includes Russia, is considering raising oil output in August by about 550,000 barrels per day at its meeting on Monday, Reuters reported, citing two unnamed sources familiar with the talks, bTA reported.
The increase exceeds the approved monthly increases of 411,000 barrels per day for May, June and July.
This is the first meeting of representatives from the group since the Israeli and US attacks on Iran.
The eight-member group of Saudi Arabia, Russia, the United Arab The United Arab Emirates (UAE), Kuwait, Oman, Iraq, Kazakhstan and Algeria are meeting virtually to set policy next month.
The group, which supplies nearly half of the world's oil, has been cutting output since 2022 to support the market. But this year it has changed course to regain market share amid rising supplies from other producers and calls from US President Donald Trump for the group to produce more crude to keep gasoline prices low.
OPEC+ began to change its policy regime in April, and over the next three months approved monthly increases in output, although the oversupply in the market had an immediate impact on prices.
The accelerated recovery in output came after individual members of the group, such as Kazakhstan and Iraq, produced above their targets, angering other members who are sticking to reducing oil production.
For example, production in Kazakhstan is currently at record highs.
So far, OPEC+ has announced an increase in output by 1.37 million barrels per day. barrels per day from April to July, which represents 62 percent of the 2.2 million barrels per day cuts undertaken in recent years.