8/2: Saudi Arabia May Push For Higher OPEC Production

8/2: Saudi Arabia May Push For Higher OPEC Production (oilprice.com)

Saudi Arabia is reportedly planning to advocate for higher oil production at the next OPEC+ meeting, which is taking place later this week.

This is according to a tweet by Fox Business' White House correspondent Edward Lawrence, who cited an unnamed source as saying that Saudi Arabia's King Salman had made the assurance to President Biden during their meeting on July 16.

8/2: Oil Steady Ahead of OPEC+ Meeting as Global Demand Concerns Weigh

8/2: Oil Steady Ahead of OPEC+ Meeting as Global Demand Concerns Weigh (Reuters)

Oil futures were little changed on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meet on Wednesday. Two of eight sources said a modest output hike would be discussed, while the rest said a boost was unlikely.