OPEC+ Debates Potential Oil-Output Boost Before Big Meeting
- Cartel will discuss pace of production increases on Thursday
- Saudis and Russia have differing views on need for more supply
Photographer: Andrey Rudakov/Bloomberg
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OPEC and its allies debated a potential output increase, delaying preliminary talks between ministers by a day to allow more time for a compromise before a critical meeting on Thursday.
The coalition, led by Saudi Arabia and Russia, is considering whether to continue reviving more crude supplies, a move that could ease the upward pressure on prices as global demand bounces back from the coronavirus pandemic. Possible supply hikes are being discussed for August or September, Kazakhstan’s Energy Minister Nurlan Nogaev told reporters on Wednesday.