US EditionOPEC+ set for another oil hike as Saudi and Russia debate size: Report
Saudi Arabia pushes for up to 548,000 barrels per day increase while Russia favors a modest 137,000 bpd rise to avoid oil price pressure, sources say.
- On Sunday, eight OPEC+ countries are likely to raise oil output as Saudi Arabia pushes for a large increase while Russia favors a more modest rise.
- OPEC+ reversed its April cuts to boost market share under pressure from U.S. President Donald Trump, while Russia and Saudi Arabia have disagreed on output rises over the past years but usually compromised, sources said.
- Moscow prefers a measured increase of 137,000 bpd from November, while Saudi Arabia pushes for 274,000, 411,000 or 548,000 bpd; Goldman Sachs expects 140,000 bpd.
- Oil prices on Friday were on course for a weekly loss of over 7% on prospect of a supply hike, with Brent crude trading above $64 a barrel, up from $58 in April.
- At their peak, OPEC+'s total output reductions reached 5.85 million bpd, and producers plan to unwind the 2.2 million bpd element by the end of September while a 2.0 million bpd cut remains until the end of 2026.
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There's a debate about an increase in oil production.
OPEC+ set for another oil hike as Saudi and Russia debate size, sources say
Eight OPEC+ countries are likely to further raise oil output on Sunday with the group’s leader Saudi Arabia pushing for a large increase to regain market share and Russia suggesting a more modest rise, four people with knowledge of OPEC+ talks said.
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