Oil Traders Expect a Fourth Bumper OPEC+ Oil Supply Increase

Oil traders expect OPEC+ will agree a fourth bumper oil supply increase this weekend as group leader Saudi Arabia continues its bid to reclaim market share.

Eight key OPEC+ nations are preparing to discuss another hike of 411,000 barrels a day, due to take effect in August, delegates said last week. They’ll likely approve the move when they hold a video conference on Sunday, according to a survey of 32 traders and analysts.