OPEC+ meets today to discuss its production agreement

Oil-producing alliance OPEC+ will meet today to discuss its production agreement and a possible hike in output amidst rising Western calls for a faster increase to lower surging prices.

Ahead of the OPEC+ meeting, oil prices fell on Thursday in anticipation that Saudi Arabia may agree to increase production.

Brent crude was down $2.08, or 1.8 percent, at $114.21 a barrel at 04.10 GMT. US West Texas Intermediate crude dropped $2.25, or 2.0 percent to $113.01 a barrel, after a 0.5 percent rise on Wednesday.

A Reuters report published on Wednesday, however, stated that OPEC+ is set to stick to its modest monthly increases in oil output agreed upon last year at its meeting on June 2 amid a tighter oil market.

The report also added that OPEC+ is expected to raise July output targets by 432,000 barrels per day.

The oil market has been impacted by the increasing Western sanctions on Russia, resulting in volatility in oil prices.

On Tuesday, Saudi Arabia and Russia praised the level of cooperation inside OPEC+ after Russian Foreign Minister Sergei Lavrov met Saudi counterpart Prince Faisal bin Farhan Al Saud in Riyadh.

The Russian ministry issued these comments at a time when several western media outlets reported that some of the OPEC+ members are seriously considering removing Russia from the alliance.

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