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.

Oil prices fell on Friday on the expectation that Opec agreeing to another increase in crude output over the weekend and the possible resumption of US-Iran nuclear talks in Oslo will reduce risks to global supplies.

Oil prices pulled back during Asian trading on Thursday, giving up some of the strong gains recorded in the previous session after U.S. government data showed a larger-than-expected increase in crude stockpiles.