OPEC+ is poised to cool down oil market with extra production

OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.

There’s a widespread view within the group that the market can absorb additional barrels, according to people familiar with the deliberations. While the usual differences are present — with Saudi Arabia cautious and Russia keen to open the taps — all sides are ready to increase production, they said, asking not to be named because the information was private.

That could put the group on track to implement the majority of the 1.5 million barrel-a-day output increase that’s up for debate on Thursday.