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Sources say that OPEC+ will meet on Thursday and likely stick to the planned production increases.

Sources say that OPEC+ will meet on Thursday and likely stick to the planned production increases.

OPEC+ ministers will meet Thursday to discuss a possible increase in oil production starting May.

In May, eight members of OPEC+ (Organization of Petroleum Exporting Countries plus allies, led by Russia) are expected to increase oil production by 135,000 barrels a day.

This would be the second increase in a plan that aims to undo some of the millions barrels per day cuts the group had been implementing since 2022.

OPEC+ also pressures other producers who have exceeded their production targets to reduce output and temporarily pump below target to compensate.

According to one of the OPEC+ members, the meeting was held to discuss plans to reduce output by some members in order to compensate for exceeding their quotas.

Two other sources said that the plan for the group to continue unwinding their most recent layer in oil production cuts is expected to stay unchanged for May.

Due to the sensitive nature of the issue, all sources declined to provide their names. OPEC didn't immediately respond to a comment request.

OPEC+ is cutting its output by 5,85 million bpd. This represents about 5.7% global supply. The group has agreed to a series steps that will support the market since 2022.

OPEC+'s ministerial committee was originally scheduled to meet April 5, but a source has said that it may take place Thursday. Reporting by Alex Lawler and Olesya Astakhova; writing by Alex Lawler; Editing by David Goodman, Ros Russell

(source: Reuters)