Logo of the Organization of the Petroleum Exporting Countries (OPEC)
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Eight OPEC+ countries will meet on Saturday to decide whether to agree a further accelerated oil output hike for June or make a smaller increase as originally planned, two sources with knowledge of the matter told Reuters on Friday.
The meeting was originally scheduled to take place on Monday. It was not immediately clear why it had been brought forward.
Last month, Saudi Arabia pushed for a larger-than-planned output hike from the eight members in May, a decision that helped send oil prices below $60 a barrel to a 4-year low.
The group is now expected to raise output by 411,000 barrels per day (bpd), three times the level agreed in December.
Riyadh has been angered by Kazakhstan and Iraq producing above their OPEC+ targets, sources said.
Oil prices fell below $60 a barrel again this week in part after Reuters reported that Saudi officials had told allies and analysts that the country was comfortable living with lower oil prices for longer.
Sources told Reuters last month, some members in the group were pushing for another accelerated hike for June.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, is currently cutting output by over 5 million bpd.
The group plans to hold a full ministerial meeting on May 28.
“While we think the situation remains fluid … we do see a case for forgoing another triple-decker increase next month and adhering more closely to the taper timeline from December given current market dynamics,” RBC Capital Markets Helima Croft said.
“Nonetheless, we certainly do not rule out another plot twist from the producer group,” she added.