Saudi Arabia, Russia and six other key members of the OPEC+ alliance are likely to agree to raise crude output when they meet virtually, with analysts divided over the size of the expected hike.
the meeting by the group of eight oil-producing countries known as the ‘Voluntary Eight’ (V8) comes as oil prices head for weekly losses and rumors of a possible output increase of up to 500,000 barrels per day (bpd) swirl.
angered by what it dismissed as ‘wholly inaccurate and misleading’ media reports, the 12-nation Organization of the Petroleum Exporting Countries (OPEC) urged news outlets in a recent statement to ‘exercise accuracy…
in order to avoid fueling’ market speculation.
experts had initially expected a production hike of 137,000 bpd from November, which would mirror the October increase. But Commerzbank analyst Barbara Lambrecht cautioned that uncertainty remained, as ‘the group has frequently surprised markets with swift production hikes in the recent past’