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Investing.com -- OPEC+ is preparing to discuss another large production increase at its upcoming meeting, as Saudi Arabia continues its strategy to regain market share, according to a report from Bloomberg.
Eight key OPEC+ members have already implemented three consecutive monthly production increases of 411,000 barrels per day. Multiple delegates, speaking on condition of anonymity, indicated their countries are open to considering a similar increase for August when the group meets on July 6.
Saudi Arabia has guided the Organization of Petroleum Exporting Countries toward faster output restoration despite weak demand and abundant supply. This unexpected policy shift briefly pushed oil prices to a four-year low in April.
Russia’s position has also evolved. After initially resisting the accelerated July output increase at the previous meeting, Moscow now appears more willing to support another supply boost if the alliance deems it necessary, according to a source familiar with Russia’s stance.