Eight OPEC+ alliance members move toward output hike at meeting

Saudi Arabia, Russia and six other key members of the OPEC+ alliance will discuss crude production on Saturday, with analysts expecting the latest in a series of output hikes for August.

The wider OPEC+ group — comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies — began output cuts in 2022 in a bid to prop up prices.

But in a policy shift, eight alliance members spearheaded by Saudi Arabia surprised markets by announcing they would significantly…