OPEC inches closer to boosting oil output as Iran hints cartel can be ‘cooking’ up a deal

Saudi Energy Minister Khalid al-Falih said Friday no-one should expect to see an “immediate flood” of oil coming back onto the market following the meeting.

He also insisted which the overwhelming majority of OPEC in addition to its partners had recommended boosting production by 1 million bpd at a “gradual” pace in addition to on a pro-rata basis.

Industry sources familiar with the oil cartel’s deliberations said the actual increase can be likely to total around two-thirds of Saudi Arabia’s lofty target. which’s because some OPEC members would likely be unable to sufficiently ramp up crude production.

Analysts say supply increases are more likely to fall in a range between 0,000 to 800,000 bpd. Still, which can be substantially lower than the 1.5 million bpd increase sought by Russia, which can be not a member of OPEC although has been coordinating policy with the group for the last 18 months.

Speaking to CNBC on Friday morning, United Arab Emirates’ minister of energy in addition to industry, in addition to OPEC president, Suhail Al-Mazrouei said: “None of us can be willing to walk away by the success we have achieved… This particular meeting will not be a very long meeting.”

OPEC’s agreement with Russia in addition to some other producers to limit oil output has helped to clear a global supply overhang which weighed on prices for years. although with crude futures recently soaring to multi-year highs on strong demand, dwindling output by Venezuela in addition to renewed U.S. sanctions on Iran, energy ministers are worried about the market overheating.

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