OPEC Aims for Modest Output Hike to Overcome Iran's Dissent - Bloomberg

OPEC Aims for Modest Output Hike to Overcome Iran's Dissent - Bloomberg:

"OPEC is discussing a relatively modest production increase before its meeting in Vienna this week, an attempt to bridge the gap between Russia’s push for a big rise and Iran’s insistence that no change is needed.

While a compromise may be necessary to overcome vocal opposition from Tehran, Baghdad and Caracas, it could mean the resulting supply boost is smaller than oil traders -- or indeed the U.S. President Donald Trump -- had been anticipating. Crude prices rallied in London on Monday after two weeks of losses, trading above $74 a barrel.

Members of the Organization of Petroleum Exporting Countries are discussing an agreement that delivers 300,000 to 600,000 barrels a day of additional oil supply to global markets over the next few months, according to people briefed on the talks. If agreed, that would be smaller than the 1.5 million-barrel-a-day quota increase that Russia has proposed."



'via Blog this'