Opec+ discusses crude output hike in preparation for next meeting

The Organization of the Petroleum Exporting Countries and allies, known as Opec+, is discussing whether to further boost production at next week’s meeting as the oil market looks increasingly tight.

Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other Opec+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned, said a delegate.

Crude just hit $75 a barrel in London for the first time in two years as a strong recovery in demand from the Covid-19 pandemic encounters supply constraints. The Opec and its allies are already in the process of reviving about 2 million barrels a day of idle production from May to July, but influential voices in the market are asking for more as prices rise.