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OPEC+ accelerated output hikes for May, June and July

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Meeting to decide August output moved to Saturday, sources

say

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Hike of 411,000 bpd for August is likely, sources say

(Adds detail throughout)

By Olesya Astakhova and Ahmad Ghaddar

LONDON, July 4 (Reuters) - Eight OPEC+ countries are

likely to make another accelerated oil output increase for

August at a meeting on Saturday, sources from the producer group

told Reuters, as they seek to regain market share.

The group, which includes Saudi Arabia, Russia, the UAE,

Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree

to an increase of 411,000 barrels per day for August, several

sources told Reuters, speaking on condition of anonymity.

If agreed, OPEC+ would have increased supply targets by

about 1.78 million bpd, or 1.5% of global oil consumption.

Actual increases, however, have been lower as some members

deliver cuts to compensate for past overproduction.

On Friday, the group decided to bring the meeting date

forward by one day, the sources said. One of them said it was

not yet clear if 411,000 bpd would be the final agreement.

OPEC+ made a radical change in policy this year, after

several years of output cuts totalling more than 5 million bpd.

This came when the eight members started to unwind their most

recent output cut of 2.2 million bpd starting in April and

accelerated the hikes in May, June and July, despite the extra

supply weighing on crude prices.

The acceleration came after some members, such as

Kazakhstan, produced way over their targets, angering other

members that were sticking more closely to agreed cuts.

Kazakh output returned to growth last month and matched an

all-time high, as the Chevron ( CVX )-led Tengiz field ramped

up, a source familiar with the data told Reuters this week.

OPEC+, which groups the Organization of the Petroleum

Exporting Countries and allies led by Russia, is looking to

expand its market share against the backdrop of growing supplies

from other producers like the United States.

The group pumps about half of the world's oil. As of their

decision for July output, the OPEC+ eight have made or announced

production increases of 1.37 million bpd. This is 62% of the

production cut of 2.2 million bpd that they are unwinding.