Narrow range: The oil refinery of the Lukoil company in Volgograd, Russia. Prices rose last Friday to their highest since Aug 1, hitting levels above US$70 per barrel, following Ukrainian drone attacks on Russia's energy infrastructure, which disrupted refining and shipments. — Reuters
LONDON: The Organisation of the Petroleum Exporting Countries and its allies (Opec+) will likely approve another oil production increase of at least 137,000 barrels per day (bpd) at its meeting this Sunday, as rising oil prices encourage the group to try to further regain market share.
Opec+ has reversed its strategy of output cuts from April and has already raised quotas by more than 2.5 million bpd, representing about 2.4% of world demand, to boost market share and after coming under pressure from US President Donald Trump to lower oil prices.
