Eight OPEC members and partners including Russia are set to discuss raising production in October, sources told Reuters. Such a move would begin unwinding an additional 1.65 million barrels per day of output cuts—about 1.6% of global demand—more than a year ahead of schedule.
The market also absorbed a surprise U.S. crude inventory build of 2.4 million barrels last week, versus expectations for a 2-million-barrel draw, as refineries entered maintenance season. The API reported a smaller stock increase of around 600,000 barrels.
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