Iran Walks Out As Russia, Saudis Gain Support For Oil Output Increase

"Globally, crude prices have gone beyond the threshold, which can be sustained by the world, particularly countries like India, which is a key driver of world economy", Mr. Pradhan said at an OPEC conference in Vienna.

Saudi oil minister Khalid Al-Falih told reporters this morning there would not be an immediate flood of oil into the market, suggesting the impact would not be seen until the end of the summer, the Guardian reports.

The oil market would normally hear a decision, and typically react, on the same day as the meeting of OPEC members, which is set for this Friday, "but this time could be different", said Phil Flynn, senior market analyst at Price Futures Group.

Fawibe said: "If OPEC increases its production by 1.5million barrels per day, there will be a slump in the price, especially now that we are going to winter."He urged the federal government to proactively address the situation in the oil-producing region to enable the country to boost production, which stood around 2.25 million b/d earlier this year".

"Iran rejected a potential compromise, saying it won't support even a small increase in oil production". Trump has used Twitter to complain about high oil prices - and blame OPEC - twice since April.

Iranian oil minister Bijan Namdar Zanganeh said as the group met Friday that "we are not here to receive instruction from President Trump and apply it and implement it".

The market is contending with exactly how much output will change.

Some OPEC members have been opposed to a production increase, and others don't want to go as far as Saudi Arabia.

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The US-Chinese trade rift threatens to limit US crude oil exports to China that have been gaining pace in recent months and eating into OPEC's share in the market, a market that is setting the pace of global oil demand growth.

Oil prices have been on a roller-coaster ride over the last few years, with the worldwide marker, Brent, trading above $100 a barrel for several years until 2014, dropping to nearly $26 in 2016 and then recovering to over $80 last month.

"It would seem that an aggregate increase in production for OPEC+ of between 500,000 bpd and 1 million bpd is the range that is being considered", Tchilinguirian said.

"Our customers have spoken loudly and we must listen to them", Falih said.

"We are making good progress", said United Arab Emirates Energy Minister Suhail Al Mazrouei, who also now holds the position of OPEC president.

"Allocating to Saudi Arabia part of the quota of countries that cannot increase output could be a technical solution, but may not be a political one", Al-Falih said.

Zanganeh said he would leave Vienna on Friday even before OPEC holds talks with non-OPEC producers the next day, but efforts were underway on Wednesday to convince Iran to participate in a deal.

"This puts Saudi Arabia in a tough position, as unanimity is needed for any accord to be reached", it added.

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