OPEC+ to weigh holding oil output steady or small hike, sources say | Reuters

OPEC+ to weigh holding oil output steady or small hike, sources say | Reuters

OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed, eight sources said.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, will by August have fully unwound record output cuts in place since the COVID-19 pandemic took hold in 2020.

Oil has soared in 2022 to its highest since 2008, climbing above $139 a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine. Prices have since eased to around $108, as soaring inflation and higher interest rates raise fears of a recession that would erode demand.

Of eight OPEC+ sources spoken to by Reuters, two said a modest increase for September will be discussed at the Aug. 3 meeting and five said output would likely be held steady.