OPEC+ stands by its position. It will announce a major decision on oil.

A meeting of the Joint Ministerial Monitoring Committee (JMMC), which comprises top ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia , is scheduled for Monday at 12:00 GMT.

OPEC+ is not expected to change the group's current policy

Four OPEC+ sources told Reuters the meeting was unlikely to change the group's current policy , which sees the eight members increase production by 548,000 barrels per day in August.

OPEC+, which produces about half the world's crude oil, has been cutting production for several years to support the market. However, this year it reversed course to regain market share. US President Donald Trump has demanded OPEC increase production to keep gasoline prices low .

OPEC+ to lift latest production cut by September

Eight OPEC+ producers will hold a separate meeting on August 3 and are likely to agree to a further production increase of 548,000 barrels per day in September , three sources told Reuters earlier this month.

This would mean that OPEC+ would lift its latest production cut of 2.2 million barrels per day by September, and the United Arab Emirates would increase its limits by 300,000 barrels per day ahead of schedule. The JMMC meets every two months and can recommend changes to OPEC+ production policy.

Oil prices have remained stable despite OPEC+'s hikes, thanks to summer demand and the fact that some members haven't increased production as much as called for in major quota increases. On Friday, Brent crude oil was trading near $70 a barrel.