OPEC+ to consider further oil output hike on Sunday, sources say

Reuters reported exclusively that OPEC+ will consider further raising oil production at a meeting on Sunday, as the group seeks to regain market share. Oil prices fell by about 2% on the news.

Why it matters

OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by about 2.5 million barrels per day, about 2.4% of world demand. But those increases have failed to bring down oil prices, which traded near $68 a barrel supported by Western sanctions on Russia and Iran.

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