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[ltr][rtl]Release date: 2018/6/22 14:19[/rtl] • [rtl]166 times read[/rtl][/ltr]
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The Organization of the Petroleum Exporting Countries (OPEC) on Friday approached more than boosting its oil production as Saudi Arabia, the world's largest producer, appeared to have persuaded its rival Iran to cooperate after warning major consumers of oversupply.
Saudi Arabia and non-OPEC member Russia said an increase in production of around 1 million bpd, or about 1 percent of world supplies, had become a nearly identical proposal for the organization and its allies.
The group is meeting in Vienna amid calls from the United States, China and India to cool crude prices and prevent a shortage that hurts the global economy.
OPEC, in theory, needs all members to agree to an agreement, but in the past it has approved agreements without Iran, which have criticized the idea of increasing supplies while facing sanctions from the United States.
"We are preparing something," Iranian Oil Minister Bein Zanganeh told reporters after meeting Saudi Energy Minister Khalid al-Faleh ahead of OPEC talks.
So far, Iran, OPEC's third-largest producer, remains the main obstacle to reaching an agreement, calling on the group to reject pressure from US President Donald Trump to pump more crude.
Trump imposed new sanctions on Tehran in May and market observers expect Iran's output to fall by a third by the end of 2018. This means that Iran has little to gain from an agreement to raise OPEC output, unlike Saudi Arabia, the world's top exporter of crude.
Al-Falih said that the majority of producers recommended a gradual increase of production by one million barrels per day on a pro rata basis in accordance with the quotas.
OPEC and its allies have been involved since last year in an agreement to cut oil production by 1.8 million bpd.The measure has helped rebalance the market in the past 18 months and has driven the price of oil to about $ 74 a day from about $ 27 in 2016.
But unexpected production disruptions in Venezuela, Libya and Angola have cut supplies to 2.8 million bpd in recent months.
Brent crude prices rose 1.8 percent on Friday.
OPEC has a history of difficult meetings and clashes between Iran and Saudi Arabia.
In 2000, US Energy Secretary Bill Richardson, under President Bill Clinton, called Saudi Oil Minister Ali al-Naimi at an OPEC meeting to pump more crude.
This angered Iran and Zangane refused to sign the decision to increase production. The dispute was settled by next OPEC talks.
The United States is involved in the current row, with Trump calling on OPEC directly to increase supplies.
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OPEC moves towards increased production as Iran softens its position
[/ltr][ltr][rtl]Release date: 2018/6/22 14:19[/rtl] • [rtl]166 times read[/rtl][/ltr]
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[Where - Continue]
The Organization of the Petroleum Exporting Countries (OPEC) on Friday approached more than boosting its oil production as Saudi Arabia, the world's largest producer, appeared to have persuaded its rival Iran to cooperate after warning major consumers of oversupply.
Saudi Arabia and non-OPEC member Russia said an increase in production of around 1 million bpd, or about 1 percent of world supplies, had become a nearly identical proposal for the organization and its allies.
The group is meeting in Vienna amid calls from the United States, China and India to cool crude prices and prevent a shortage that hurts the global economy.
OPEC, in theory, needs all members to agree to an agreement, but in the past it has approved agreements without Iran, which have criticized the idea of increasing supplies while facing sanctions from the United States.
"We are preparing something," Iranian Oil Minister Bein Zanganeh told reporters after meeting Saudi Energy Minister Khalid al-Faleh ahead of OPEC talks.
So far, Iran, OPEC's third-largest producer, remains the main obstacle to reaching an agreement, calling on the group to reject pressure from US President Donald Trump to pump more crude.
Trump imposed new sanctions on Tehran in May and market observers expect Iran's output to fall by a third by the end of 2018. This means that Iran has little to gain from an agreement to raise OPEC output, unlike Saudi Arabia, the world's top exporter of crude.
Al-Falih said that the majority of producers recommended a gradual increase of production by one million barrels per day on a pro rata basis in accordance with the quotas.
OPEC and its allies have been involved since last year in an agreement to cut oil production by 1.8 million bpd.The measure has helped rebalance the market in the past 18 months and has driven the price of oil to about $ 74 a day from about $ 27 in 2016.
But unexpected production disruptions in Venezuela, Libya and Angola have cut supplies to 2.8 million bpd in recent months.
Brent crude prices rose 1.8 percent on Friday.
OPEC has a history of difficult meetings and clashes between Iran and Saudi Arabia.
In 2000, US Energy Secretary Bill Richardson, under President Bill Clinton, called Saudi Oil Minister Ali al-Naimi at an OPEC meeting to pump more crude.
This angered Iran and Zangane refused to sign the decision to increase production. The dispute was settled by next OPEC talks.
The United States is involved in the current row, with Trump calling on OPEC directly to increase supplies.
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