Along with non-member Russian Federation, oil kingpin Saudi Arabia is pushing hard for OPEC energy ministers and allied countries to agree this week to ease a production cap that has more than doubled oil prices since 2016.
Oil prices steadied on Wednesday, supported by a drop in US commercial crude inventories and the loss of storage capacity in Libya, but under pressure ahead of a meeting of OPEC exporters which may increase global production.
But regional rival Iran has bristled at the thought of lifting the output ceiling at a time when its oil industry is facing renewed sanctions over US President Donald Trump's decision to quit the global nuclear deal with Tehran. Assuming that the main production continues, that will continue to drive inventories down, we think that that would be, you know, probably too short of a supply situation, that we can not allow to happen.
Saudi Energy Minister Khalid al-Falih said the overwhelming majority recommended raising output by 1 million bpd, gradually and on a pro-rata basis among participants.
Al Mazrouei said that OPEC and its allies would now work to boost production by up to 1 million barrels a day.
Last year, OPEC members unanimously agreed on the oil price of USD 60 dollars per barrel, by cutting oil output by 1.2 million barrels per day (bpd) to 32.5 million bpd.
He warned his fellow oil producers about rising consumer anxiety and the potential for high prices to have a negative impact on demand. India's footprint in global energy markets will increase "materially" from 2018 to 2040, making it the largest growth market for global energy, BP Plc said in its energy outlook report in February.
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Other Opec-members, including Iran, are against such a move, fearing a sharp slump in prices. USA light crude CLc1 was 5 cents higher at $65.12. When it's too low, oil companies cut back operations and lay off thousands of workers.
Iran had balked at the request because it faces sanctions after President Donald Trump ripped up an global nuclear agreement.
But renewed Iranian sanctions and the continued drop in Venezuela's output has convinced some OPEC members that producers must start easing production caps.
He said that Mr Trump had contributed to the rise in prices by imposing sanctions on Iran and Venezuela, which will likely lead to lower exports.
One way of "resolving the situation" would be for all participants in the oil-production cuts to stop exceeding their targets, meaning countries that have been making deeper curbs than they pledged would restore output, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna.
The Organisation of the Petroleum Exporting Countries met in Vienna in an effort to cool the market after oil prices rose to $80 a barrel. The US West Texas Intermediate (WTI) crude priced US$66.49 per barrel, up 1.5 per cent from the last close, said the source.
Zanganeh said that Iran would try to maintain its export levels in the face of United States sanctions.