OPEC strives for new deal as Iran still wary of output hike


OPEC strives for new deal as Iran still wary of output hike

OPEC’s leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet the rising global demand, with Iran still signalling it would support only a modest increase in supply.

The Organization of the Petroleum Exporting Countries is meeting on Friday to decide output policy amid calls from top consumers such as the United States, China and India to cool down oil prices and support the world economy by producing more crude.

Russia, which is not in OPEC, has proposed producers raise output by 1.5 million barrels per day (bpd), effectively wiping out supply cuts of 1.8 million bpd that have helped rebalance the market in the past 18 months and lifted oil to around $75 per barrel. Oil traded as low as $27 in 2016. Read More

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