OPEC+ moves meeting to Saturday amid output hike forecasts: Report

Logo of OPEC

The OPEC+ members decided to bring forward their meeting to next Saturday instead of Sunday, Asharq Business reported.

The meeting will bring together the eight-member alliance, Saudi Arabia, the UAE, Kuwait, Iraq, Kazakhstan, Oman, Algeria, and Russia, to discuss production policy for August, amid expectations of a 411,000 barrels-per-day (bpd) increase.

If approved, this would mark the fourth consecutive production hike, bringing the total output hike since the start of the year to approximately 1.78 million bpd, or more than 1.5% of global demand.

Following the meeting, OPEC+ members and top industry leaders are expected to gather in Vienna for the 9th International Seminar on July 10, where the 19th edition of OPEC’s World Oil Outlook report will be released.