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Sources say that OPEC+ will meet on Saturday in order to decide the output policy for June.

Two sources familiar with the situation said on Friday that eight OPEC+ nations will meet on July 7 to decide whether they want to increase oil production by a greater amount or if they prefer to do it at a slower pace.

Originally, the meeting was scheduled for Monday. The reason for the early start was not immediately apparent.

Saudi Arabia demanded a higher-than-planned increase in output from the eight member countries for May. This decision helped to lower oil prices below $60 per barrel, reaching a four-year low.

The group now expects to increase output by 411,000 barrels a day (bpd), which is three times higher than the level agreed on in December.

Sources claim that Riyadh is angry with Kazakhstan and Iraq for producing more than their OPEC+ target.

The price of oil fell below $60 per barrel this week, in part due to reports that Saudi officials were allegedly involved with the theft.

Allies and analysts said that the country could live with lower oil costs for a longer period of time.

Last month, sources said that some members of the group wanted to see another accelerated increase for June.

OPEC+ (which includes the Organization of the Petroleum Exporting Countries, as well as allies like Russia) is currently reducing output by more than 5 million bpd.

The group intends to hold a full-ministerial meeting on 28 May.

Helima Croft, RBC Capital Markets, said: "While we believe the situation is fluid... we see a good case for not implementing another triple-decker hike next month. Instead we would stick more closely to the December taper timeline given the current market dynamics."

She added, "We certainly don't rule out another plot turn from the producer group."

(source: Reuters)