OPEC+ might have to raise oil output so market doesn't overheat, Kazakhstan says | Reuters

OPEC+ might have to raise oil output so market doesn't overheat, Kazakhstan says | Reuters

OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential.

"We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Kazakh energy minister Bolat Akchulakov told reporters.

The market has been largely expecting OPEC+ to keep output steady or opt for a slight increase. Three OPEC+ sources said on Wednesday they still saw little chance for an output policy change when commenting on the Kazakh minister's statement.

The United States has put OPEC leaders Saudi Arabia and United Arab Emirates under pressure to pump more oil to help rein in prices boosted by rebounding demand and Moscow's invasion of Ukraine.