By:Ognnews

OPEC+ members are discussing whether to agree on another large production increase at their meeting on June 1, Bloomberg News reported on Thursday.

An output hike of 411,000 barrels a day (bpd) for July is among the options under discussion, although no final agreement has yet been reached, the report said, citing delegates.

Reuters has previously reported that OPEC+ will accelerate oil hikes and could bring back as much as 2.2 million bpd to the market by November, including via an accelerated increase in July.

Oil prices fell more than 1% on Thursday following the report, stoking concerns any potential increase in global supply would exceed demand growth.

Brent futures fell $1.05, or 1.62%, to $63.86 a barrel by 0651 GMT, while US West Texas Intermediate crude dropped 97 cents, or 1.58%, to $60.60.

OPEC+ has been in the process of unwinding its output cuts with additions to the market in May and June and Reuters has previously reported that the group may bring back as much as 2.2 million bpd by November.

Analysts have been anticipating the move and in a note on Wednesday, RBC Capital analyst Helima Croft said a 411,000 bpd increase from July is the "most likely outcome" from the meeting, primarily from Saudi Arabia.

"A key question will be whether the voluntary cut will be fully drawn down before the leaves turn brown in many parts of the world in line with the original taper schedule," she said.