OPEC+ may discuss oil output hike larger than 411,000 bpd for July, sources say
By Dmitry Zhdannikov, Olesya Astakhova and Ahmad Ghaddar
LONDON/MOSCOW, May 30 (Reuters) - OPEC+ may discuss an increase in oil output for July at its meeting on Saturday larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters.
Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is partly to punish over-producing allies and to win back market share, Reuters has reported.
On Saturday, the eight members may decide to increase output by 411,000 bpd for July, OPEC+ sources have told Reuters. Two more sources familiar with OPEC+ talks and two OPEC+ delegates said they could also discuss a larger increase.
Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday.
All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not immediately respond to requests for comment on Friday.
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