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VIENNA:
OPEC moved closer on Friday towards boosting oil output as its leader
Saudi Arabia appeared to have persuaded arch-rival Iran to cooperate, after major consumers warned of a supply shortage.
Saudi Arabia and non-OPEC Russia have said a production increase of
about 1 million barrels per day (bpd) or around 1 percent of global
supply had become a near-consensus proposal for the group and its
allies.
The Organization of the Petroleum Exporting Countries is gathering in
Vienna
amid calls from the United States, China and India to cool down the
price of crude and prevent an oil deficit that would hurt the global
economy.
OPEC in theory needs the agreement of all members to clinch a deal
but has in the past agreed production pacts without Iran, which has
criticised the idea of raising supply as it faces export-crippling U.S.
sanctions.
"We are cooking something," Iranian Oil Minister Bijan Zanganeh told
reporters after meeting Saudi Energy Minister Khalid al-Falih before
the OPEC talks.
Iran, OPEC's third-largest producer, has so far been the main
barrier to a deal as it called on OPEC to reject pressure from U.S.
President Donald Trump to pump more oil.
Vinvestment of India
Avinash Lokhande
