LONDON OPEC+ looks to set further hike oil output

SAUDI Arabia, Russia and six other key members of the Opec+ alliance were expected to agree to further hike oil production in a virtual meeting yesterday, as the group continues to seek greater market share.

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Analysts predict a slight output hike when the group of eight oil-producing countries known as the "Voluntary Eight" (V8) holds its online meeting.

Since April, the V8 group - comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman - has boosted production by around 2.7 million barrels per day (bpd) in total.

Emily Ashford, an energy analyst at Standard Chartered bank, expects a production hike of 137 000 bpd from December, which would mirror last month's decision.

The Organisation of the Petroleum Exporting Countries and its allies (Opec+) have sped up output increases at a pace very few had anticipated at the beginning of the year, following a long period of producers seeking to combat price erosion by implementing production cuts to make oil scarcer.