OPEC+ Is Poised to Cool Oil Market With Extra Production
- Supply increase of as much as 1.5 million b/d is up for debate
- Officials see glut eliminated by August even if output rises
Photographer: Andrey Rudakov/Bloomberg
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OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
There’s a widespread view within the group that the market can absorb additional barrels, according to people familiar with the deliberations. While the usual differences are present -- with Saudi Arabia cautious and Russia keen to open the taps -- all sides are ready to increase production, they said, asking not to be named because the information was private.