Trending 
A core group within the OPEC+ alliance, known as the “Voluntary Eight (V8)” and including Saudi Arabia and Russia, is expected to agree to another modest oil production hike during their virtual meeting on Sunday.
Analysts anticipate an increase of around 137,000 barrels per day (bpd), similar to last month’s decision.
The group’s central focus has shifted from price control to gaining greater market share, a strategy that seems to be working as supply growth from US shale producers slows down.
The V8 will likely cite low global oil inventories to justify the added supply.
While adding barrels risks lowering prices, analysts believe a sudden halt in production increases would signal a bearish outlook and cause investor panic.
The modest quota increase is viewed as a necessary move that might result in a smaller actual output, limiting the impact on Brent crude’s current stable price (around $65).
The market also faces uncertainty about Russian supply following recent US sanctions on two of the country’s largest oil companies.
While the enforcement level remains unclear, any significant disruption to Russian exports could further tighten the global market and support higher oil prices.
