OPEC+ to Discuss Major Oil Production Hike at Sunday Meeting
An OPEC+ meeting, scheduled for Sunday, is expected to discuss and potentially agree on an increase in oil production. Eight countries are likely to support this move.
Saudi Arabia, as the group's leader, will propose an oil production hike ranging from 274,000 to 548,000 barrels per day. This significant increase aims to reclaim market share. However, Russia favours a more modest boost of 137,000 barrels per day, reflecting its stance from October. Despite Saudi Arabia's push for a substantial rise, OPEC has no plans to raise production by 500,000 barrels per day.
The upcoming OPEC+ meeting on Sunday will see discussions on increasing oil production. While Saudi Arabia advocates for a substantial hike, Russia proposes a more moderate increase. The final decision will likely fall between the proposed figures, with eight countries expected to support the move.
