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.
