Saudi Arabia: Deal can be done this week to boost oil supply

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Saudi Arabia: Deal can be done this week to boost oil supply

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

U.S. West Texas Intermediate crude for August delivery, the new front month, fell 17 cents to $65.54 a barrel, and was down 68 cents from the July contract's expiry on Wednesday at $66.22.

De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russian Federation which is not a member of the cartel but the world's biggest oil producer, are pushing for looser supply controls.

Oil prices surged almost 75 percent, touching $80 a barrel, after OPEC and allies agreed to cut production in late 2016.

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Iranian Oil Minister Bijan Zanganeh said he still believes OPEC can not reach a compromise decision.

Analysts expect the group will consider an increase of somewhere around 1 million barrels a day. "My fear is this will lead to energy poverty in many parts of the world".

"He said Trump was partly to blame for the higher oil prices, saying the United States leader had "created difficulty for the oil market" by imposing sanctions on Venezuela and Iran". Iran does at least "understand the necessity to reduce cuts" and has agreed to discuss the matter, Oman's Oil Minister Mohammed Al Rumhy said earlier in the day.

"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. Their proposal would share out a quota increase of 1 million barrels a day between all members of the group.

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Global benchmark Brent crude fell more than 2 per cent on Thursday ahead of a meeting of the Organization of the Petroleum Exporting Countries, where producers were expected to boost output to stabilize prices.

"We're in comprehensive talks with all ministers, especially Saudi Arabia and Iran", Iraq's Oil Minister Jabbar al-Luaibi told reporters on Thursday. The talks, held as the cartel hosted an global energy conference attended by hundreds of officials, executives and investors, will shape oil prices, energy stocks and currencies of petroleum-exporting countries for months to come.

Trump's involvement in pressing for OPEC to act - which in addition to his tweets include a behind-the-scenes request for a 1 million-barrel-a-day supply hike - could make it hard for Tehran to accept a compromise. "One thing you can be assured of is: we will be responsive, we will release supplies to make sure there's no shortage". Off-topic, inappropriate or insulting comments will be removed.

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