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No need for output increase, says Gulf oil producers

OPEC's de facto leader, Saudi Arabia, and non-member Russia have proposed relaxing production cuts gradually, while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move.


Reuters Kuwait
Updated: 20-06-2018 12:02 IST
No need for output increase, says Gulf oil producers

OPEC's de facto leader, Saudi Arabia, and non-member Russia have proposed relaxing production cuts gradually, while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move. (Image Credit: Wikimedia))

Gulf oil producers did not agree on the need for any oil output increase during talks on Tuesday night, two sources familiar with the discussion said.

Oil producer group OPEC meets on Friday to decide on output policy amid calls from major consumers such as the United States and China to cool down oil prices and therefore support the global economy by producing more crude.

OPEC's de facto leader, Saudi Arabia, and non-member Russia have proposed relaxing production cuts gradually, while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : KuwaitQatarSaudi Arabia

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