Major oil producers set to uphold small output increase

The world's leading oil producers are expected to uphold a July deal to slowly boost output at a meeting on Wednesday, despite US pressure to go further.

OPEC members led by Saudi Arabia along with allies including Russia, known collectively as OPEC+, decided in July to raise output by 400,000 barrels per day (bpd) each month from August, in a deal thrashed out after weeks of wrangling.

The move is aimed at supporting a global economic recovery, which has been battered by the coronavirus pandemic -- a crisis that sent oil demand plummeting last year.

– AFP