A core group within the OPEC alliance, known as the Voluntary Eight V8 and including Saudi Arabia and Russia, is expected to agree to another modest oil production hike during their virtual meeting on Sunday.
Analysts anticipate an increase of around 137,000 barrels per day bpd, similar to last month's decision.
The group's central focus has shifted from price control to gaining greater market share, a strategy that seems to be working as supply growth from US shale producers slows down.