OPEC meets this weekend and Reuters sources say they will consider a 137K bpd oil output hike.
OPEC had paused production hikes in the first quarter of the year after a series of boosts last year. The report says OPEC is preparing for peak summer demand and that the hike will come from the eight OPEC+ members — Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Algeria, Iraq and Oman.
The same report says that Saudi Arabia has activated a plan for a short-term output and export surge in case of a US strike on Iran that disrupts flows.
This article was written by Adam Button at investinglive.com.