Ahead of the OPEC and its allies (OPEC+) meeting on Wednesday, Kazakhstan Energy Minister Bolat Akchulakov said the alliance might have to raise oil production to avoid market overheating.

Akchulakov said, "we have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating.”

The OPEC has been increasing output in line with its targets by about 430,000-650,000 barrels per day a month in recent months. The market has been largely expecting OPEC+ to keep output steady or opt for a slight increase in Wednesday’s meeting.

Market reaction

WTI is struggling to extend the recovery above the $93 mark. The black gold is trading at $92.88, down 0.32% on the day, as of writing.