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OPEC+ poised for modest oil output increase amid oversupply fears
OPEC+ plans a modest oil output rise despite oversupply concerns, reflecting cautious strategy in weak demand environment.
The OPEC+ producer group is preparing to approve a modest increase in oil production targets despite concerns of a looming supply glut and weak demand growth. The incremental output rise follows prior larger increases but signals caution as global energy markets face slow growth and excess inventory. Analysts say the move reflects a balancing act between member states wanting revenue and the need to support oil prices. Energy-market participants will closely watch inventory data and demand indicators for signals of strain.