OPEC+ Set to Boost Oil Output Again Amid Global Market Shift

The OPEC+ alliance is expected to further hike oil production in its virtual meeting on Sunday. The group, which includes Saudi Arabia, Russia, and six other key members, has been increasing output since April by around 2.7 million barrels per day.

Analysts predict a slight output hike of 137,000 barrels per day from December, mirroring last month's decision. This would mirror the group's strategy to gain greater market share, particularly against US shale oil producers.

The Organization of the Petroleum Exporting Countries and its allies have sped up output increases at a pace few anticipated at the beginning of the year. The group has shifted its focus from combating price erosion through production cuts to seeking a larger share of the oil market.