Baghdad: Oil prices stabilized ahead of an anticipated OPEC+ meeting, which is expected to lead to a new and significant increase in production. Brent crude traded near $69 a barrel after losing 0.4% on Thursday, while West Texas Intermediate crude exceeded $67.

According to National Iraqi News Agency, the OPEC+ alliance began discussing a fourth production increase of 411,000 barrels per day in August. The OPEC+ alliance is scheduled to hold a meeting next Sunday, July 6.