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Opec agrees to modest hike in oil supply after Iran softens stance

OPEC members have agreed on a combined increase in crude oil output of one million barrels per day, the oil minister of the cartel’s kingpin Saudi Arabia said Friday.

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Oil drops as Iran signals support for OPEC production rise

Oil prices fell on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday.

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Iran and Iraq will take part in meeting of OPEC+ monitoring committee

Iran and Iraq will take part in the meeting of ministerial monitoring committee of OPEC+ which will take place on June 21 in Vienna, reports TREND.

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Iraqi Oil Minister Hopes OPEC to Reach Final Deal on Friday

Iraqi Oil Minister Jabar Luaibi said on Tuesday that Baghdad was not considering an increase in oil production in the framework of the OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil output cut deal.

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OPEC meeting likely to end with no agreement on oil output, Iran minister says

OPEC members meeting in Vienna this week are likely to leave the Austrian capital without agreeing on a path forward for their 18-month-old policy of limiting oil output, Iran’s energy minister told reporters on Tuesday.

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Russia and Saudi Arabia seek raised OPEC output of 1.5 million bpd

Russia and Saudi Arabia will ask OPEC to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday.

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۳ OPEC members will veto Saudi-backed oil production boost

Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.

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Russia, Saudis Agree To Request Increase In OPEC+ Oil Output

Russia and Saudi Arabia will ask OPEC to increase oil output by 1.5 million barrels a day in the third quarter of 2018 to counter fears that U.S. sanctions on Iran could disrupt supplies.

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Russia plans to propose that OPEC, non-OPEC return to Oct 2016 oil output levels – Bloomberg

Bloomberg quotes a person familiar with the Russian thinking, as saying that Russia is mulling proposing that the OPEC and non-OPEC producers return oil output to October 2016 levels.

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Crude oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming US sanctions against major crude exporter Iran.

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Saudi Arabia Ready to ‘Mitigate’ Impact of Iran Oil Sanctions

Saudi Arabia promised to work with other OPEC nations to “mitigate” the impact in the oil market of the U.S.

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Oil on the high side, WTI looking for more at $68.20

WTI crude is trading steadily near 68.20 after going flat for Friday’s action as oil continues to fall victim to ongoing geopolitical tensions amidst the ongoing tug-of-war between OPEC’s production-cutting measures and the US’ supply glut.

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New Energy Competiton? OPEC to Meet US Shale Oil Producers

The Organization of the Petroleum Exporting Countries (OPEC) is meeting US shale oil producers to discuss and compare forecasts for the oil market, but their participation in production’s cuts is out of the question, UAE Energy Minister Suhail Mazrouei told Sputnik adding that he had no high expectations from the meeting.

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Members of OPEC+ deal called to develop mechanism of withdrawal from deal

Alexander Novak, minister of energy of Russia, has called the members of OPEC+ deal to develop and coordinate the mechanism of withdrawal from the deal, reports Kommersant newspaper.

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Oil flirts with $59 as Russia, OPEC said to outline deal on cuts

Oil on Friday briefly surpassed $59 a barrel in New York for the first time in two years as OPEC and Russia were said to have crafted the outline of a deal to extend their oil production cuts.

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