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Investing.com -- Saudi Arabia is pushing for OPEC+ to consider reviving more oil production ahead of its scheduled return at the end of next year, as the kingdom aims to reclaim market share, according to a report from Bloomberg News, citing people familiar with the matter.
Key members of the oil alliance will hold a video conference on Sunday to discuss what to do with 1.66 million barrels per day of halted supplies. This comes after the group already accelerated the return of a previous production cut over the past five months.
No decision has been finalized yet, and it remains unclear whether any production increase would be agreed upon during Sunday’s meeting or in later months. Saudi Arabia, which led the earlier accelerated restart to recapture global market share, is seeking to further boost production to offset lower prices with higher volumes.
Any proposal to increase production might face resistance from other OPEC+ members who prefer to maintain higher oil prices. Various options remain on the table, including a pause in production increases for a period of time.
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