Above $74: Brent oil rises by $1 ahead of OPEC decision
23:36, Jun 23, 2018
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Iran has wanted to keep the initial deal intact, but the Saudis and Russian Federation want to push for an agreement to increase output to stabilize prices and prevent a supply shortfall from materializing in the second half of 2018.
President Donald Trump has repeatedly blasted OPEC in recent weeks for a spike in oil prices that threatens to slow America's cruising economy.
"We need to release supply to the market", Energy Minister Khalid al-Falih said, according to Reuters.
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.
Traditional Saudi allies - the United Arab Emirates, Kuwait, Oman and Bahrain - believe Saudi Arabia was too quick to respond to U.S. calls for higher production, and have been rattled by Riyadh's close coordination with non-Opec Russia, sources said.
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From the supply side, therefore, the oil market's production capability now appears fairly fixed for the rest of 2018 and into 2019.
As reported by Reuters, the global benchmark for oil prices Brent crude was at US$73.88 per barrel at 0144 GMT, up 1.1 per cent from their last closure.
Al-Mazrouei noted that the decision "is challenging for those countries that are struggling with keeping their level of production". Production from those three countries could fall by as much as 1.4 MMbpd in the coming months, he said.
Asked if there would be an increase in supplies, Jabbar Alluaibi said: "Definitely a change".
Meanwhile, the oil industry will watch how US shale firms respond to the OPEC decision Friday. However, operators in the Permian Basin of Texas face a shortage of pipeline capacity, "trapping a fair amount of oil and limiting the availability of that shale increase", said Jim Rittersbusch, a consultant to oil traders.
The tentative increase is less than many market participants feared, and helped buoy oil prices back above $75 a barrel from less than $73 a barrel earlier this week.
Countries in the OPEC oil cartel have agreed to a new oil output level that effectively increases production by nearly 1 million barrels per day. While fuel rates have been falling over the last few days, current oil prices are still a far cry from the $45 per barrel a year ago.
Zanganeh told CNNMoney's Emerging Markets Editor John Defterios that OPEC and other major producers should address rising prices by increasing output to the maximum allowed under the terms of the agreement, which came into force in 2017.
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