OPEC+ has agreed to increase oil production by 100,000 barrels per day (bpd) to avoid market overheating.
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The group of oil producers meets amid US pressure to add barrels to the market while most members have already exhausted their output potential.
"We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Kazakh Energy Minister Bolat Akchulakov told reporters.
The market has been largely expecting OPEC+ to keep output steady or opt for a slight increase.
Two OPEC+ sources said on Wednesday the group was highly likely to consider a "modest increase" of output with one source saying it would be lower than 300,000 barrels per day.
Three other OPEC+ sources said they still saw little chance for an output policy change.
The United States has put OPEC leaders Saudi Arabia and United Arab Emirates under pressure to pump more oil to help rein in prices boosted by rebounding demand and Moscow's invasion of Ukraine.
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OPEC has been increasing output in line with its targets by about 430,000-650,000 barrels per day a month in recent months and has refused to switch to bigger output increases.
Group sources have cited a lack of spare capacity among members to add more barrels as well as the need for further cooperation with Russia as part of the wider OPEC+ group.
Benchmark Brent oil futures were little changed on Wednesday, trading near $100 per barrel.
By September, OPEC+ was meant to have wound down all of the record production cuts it implemented in 2020 after the pandemic slashed demand.
By June, however, OPEC+ was almost 3 million barrels per day below its quotas as sanctions on some members and low investment by others crippled its ability to boost output.
Only Saudi Arabia and the UAE are believed to have some spare capacity left to increase production.
