Opec+ approved a production increase of 648,000 barrels in July and august.
The OPEC+ alliance ended its meeting Thursday, in a record time of only 11 minutes.
An OPEC+ source said the group was very likely to agree to increase oil production by 600,000 barrels per day in July, exceeding the previous monthly increases of 432,000 barrels per day.
According to OPEC+, an increase in production of 648,000 barrels means that the previously planned increase is about 216,000 barrels per day.
Reuters, citing OPEC+sources, said Russia may agree that the coalition will offset the current decline in oil production caused by sanctions.
The sources confirmed that participants in the monthly opec meeting today may agree to gradually compensate for the shortage of Russian production.
According to Reuters, Russia's oil production is currently about 1 million barrels per day below its opec quota.
The Wall Street Journal reported Tuesday, citing OPEC delegates, that OPEC members were considering suspending Russia's participation in the agreement while damaging Western sanctions to its ability to increase production.
Crystol Energy CEO Carol Nakhla said there was no specific figure analysts agreed on the amount of Russian oil lost from the market, but added that there were expectations that it was at about 1 million barrels, putting pressure on prices.
According to reports, OPEC+ is ready to fill any deficit that could negatively affect oil markets by generating new price hikes, Nakhla said in an interview with Al Arabiya.
Dr. Fahad bin Juma, an oil industry expert, predicted that opec+would reach some kind of consensus to cover the decline in Russian production.
He said in an interview with Al Arabiya that increased production by countries with excess production capacity, namely Saudi Arabia, the Uae and Iraq, to cover actual production, especially in the absence of a majority of members to meet the target quotas within the OPEC+agreement, will lead to a decline in oil prices somewhat, but will remain above $100 per barrel, generating greater revenues for countries and ensuring price stability within the $100 range.
He noted that the reality of the market says there is demand in excess of 100 million barrels per day, especially with high demand in America during the summer and a decline in inventories.
The current low prices in the oil markets were the result of speculative behaviour.