OPEC enters meeting that could set direction of oil prices

High oil prices hurting fiscal balance, says Pradhan

"OPEC is an independent organization, not an organization to receive instruction from President Trump", Zanganeh said on Tuesday.

'If the Kingdom of Saudi Arabia and Russian Federation want to increase production, this requires unanimity.

Tensions spiked last night when Iranian Oil Minister Bijan Zangeneh stormed out of the Joint Monitoring Committee Meeting and told journalists that it was not a good meeting and a deal was "unlikely".

On Wednesday, U.S. crude closed at $65.74 a barrel, down from a peak of almost $73 last month, and Brent crude, the global standard, closed at $74.61, down from $80.

Uncertainty over a possible rise in OPEC output has likely put a bid under oil prices, according to Reuters.

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.

"We want to prevent the shortage and the squeeze that we saw in 2007-08", Falih said, referring to a time when shortages sent premium-crude-oil prices soaring to an unprecedented $150 per barrel and ushered in a major boom-bust cycle that devastated the oil sector for a decade.

Oil ministers from OPEC and its allies have arrived in Vienna for what promises to be one of the cartel's most contentious meetings in years as Iran opposes proposals to boost production. But some cartel members will struggle to increase their output.

The prince said that Saudi Arabia is committed to balancing the market and OPEC is seeking to expand cooperation beyond the 24 producers participating in the current oil-cuts deal.

UAE's Energy Minister Suhail Mohamed Al Mazrouei arrives for the Opec meeting in Vienna.

Iran, OPEC's third-largest producer, had demanded OPEC reject calls from US President Donald Trump for an increase in oil supply, arguing that Trump had contributed to a recent rise in prices by imposing sanctions on Iran and Venezuela.

Saudi Arabia claims that production restraints and geopolitical factors have actually seen output fall by far more, to around 2.8 million bpd.

Analysts expect OPEC to announce an increase in production of 500,000 to 600,000 barrels per day (bpd), which would help ease tightness in the oil market but would not be enough to create a glut.

He acknowledged that a big production hike might be "politically unacceptable" to some OPEC countries and said it was important to be "sensitive" to those concerns. Iran's output is also anticipated drop when Trump's sanctions come into effect later this year.

"There is a lot more at stake than just ticking a box and say: 'we got this out of the way", the minister said, nothing that "timing isn't critical for the government of Saudi Arabia". In September, we will review the situation in the market and decide the future course, ' he said.

Opec inched closer to an agreement that would allow an oil-supply increase after positive talks between Saudi Arabia and Iran.

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