OPEC agrees ouput rise of ‘about’ 1 mln barrels -Saudi

OPEC agrees ouput rise of ‘about’ 1 mln barrels -Saudi

OPEC agrees ouput rise of ‘about’ 1 mln barrels -Saudi

"Other energy ministers, such as Iraq's Jabbar Ali Hussein Al-Luiebi, have expressed more optimism about an agreement".

"The voice of the consumer is being heard in Vienna", Daniel Yergin, vice chairman of consultant IHS Markit Ltd., said in a Bloomberg television interview.

The United States, China and India had been pushing for a rise in production to avert a supply shortage later in the year.

After a day of diplomatic back-and-forth, ministers were increasingly positive on Thursday that a deal was within reach.

In case of reduced USA oil exports to China, the biggest victor of an oil trade war will be OPEC-the supplier that has seen its market share diminished by U.S. oil.

"We are cooking something", Iranian Oil Minister Bijan Zanganeh told reporters after meeting Saudi Energy Minister Khalid al-Falih before the OPEC talks.

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"Our OPEC secretariat will share with us today in the Joint Ministerial Monitoring Committee their report".

Oil prices fell after Al-Falih's comments, with benchmark Brent crude losing as much as 2.4 percent to $72.94 a barrel in London.

The new deal would effectively roll back the deeper-than-intended cuts from nations such as Venezuela, returning the curbs back to the level originally agreed in 2016, the delegate said.

Venezuela's production outlook remains uncertain, and recent outages in Libya may also weigh on decision-makers' minds.Wood Mackenzie think-thank said OPEC could increase output by a more dramatic 1 million b/d, adding a further 0.3 million b/d from Russian Federation to bring the total gain closer to 1.5 million b/d.

"One million barrels a day is nominal". The expectation that the increase will fall short of the 1 million bpd figure boosted the market.

"Geopolitics loom over the gathering with ministers of Saudi Arabia and Iran, the Middle East's main regional rivals, at the table", he said.

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"Saudi Arabia is unique".

President Trump, who fears higher gas prices, has been putting pressure on OPEC to raise production.

Should the 25 percent duty on USA crude imports be implemented by Beijing, American oil would become uncompetitive in China, forcing it to seek buyers elsewhere. "We are trying to narrow the gap between the two and we hope that this afternoon reach some sort of good compromise".

"OPEC is an independent organization, not an organization to receive instruction from President Trump", Zanganeh said on Tuesday.

Yergin said Saudi Arabia and the United Arab Emirates support the current, tougher USA policy toward Iran, Saudi Arabia's rival for influence in the region, and so will want to support Trump's call for higher production and lower prices.

OPEC takes its decisions by unanimity, so if Iran were to wield its veto Saudi Arabia would be left only with the option of assembling a coalition of willing countries to bypass Tehran's opposition.

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He said Trump had contributed to the rise in prices by imposing sanctions on Opec members Iran and Venezuela, which will likely lead to lower exports.

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