OPEC+ to Discuss Crude Output Hike

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 have not been mentioned, said a delegate, Bloomberg reported.
Crude just hit $75 a barrel in London for the first time in two years as a strong recovery in demand from the coronavirus pandemic encounters supply constraints.
OPEC and its allies are already in the process of reviving about 2 million barrels a day of idle production from May to July, but influential voices in the market are asking for more as prices rise.
Saudi Arabia, the de-facto OPEC+ leader alongside Russia, so far has not given any clear signal on the position it will take at next week’s talks. The kingdom has typically been cautious about rolling back the cuts, with Saudi Energy Minister Prince Abdulaziz bin Salman saying last week he wants to see clear evidence of a strong demand recovery before restoring more halted production.
Oil prices rose on Wednesday after industry data showed US crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America.
US West Texas Intermediate crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel, after falling 60 cents on Tuesday. Brent crude futures jumped 42 cents, or 0.6%, to $75.23 a barrel, after giving up 9 cents on Tuesday.