Seven Opec+ members are likely to raise oil production quotas today as Gulf countries are reeling from the war, analysts have told AFP.
Saudi Arabia, Russia and five other members of the enlarged Organisation of the Petroleum Exporting Countries (Opec+) are meeting online on Sunday to discuss quotas for August.
Opec+ will likely continue “to unwind the production cuts at the same pace like in the previous months”, said Giovanni Staunovo, a commodity analyst at the Swiss bank UBS, predicting an increase of 188,000 barrels per day.
“But for now, production is probably still below the group’s targets,” Staunovo told AFP.
