The OPEC+ alliance is once more angling in on group compliance with oil output cuts, amid overproduction from heavyweight members Iraq and Kazakhstan.

OPEC+ is set to go ahead with a December oil output increase as its impact will be small should a plan for some members to make larger cuts to compensate for overproduction be delivered in September and later months,

Expectations that the OPEC and its allies will start unwinding voluntary output curbs of 2.2 million barrels a day starting from December is adding to market nervousness.

Oil prices fell more than 3% on Thursday on a Financial Times report that Saudi Arabia, the world's top crude exporter, will give up its $100 price target in preparation for raising output, along with OPEC members and allies in December.