OPEC edges closer to raising oil output

High oil prices hurting fiscal balance, says Pradhan

Opinions vary on what the sweet spot for oil prices is but analysts suggest somewhere in the region of $60 to $70 per barrel for brent crude oil.

Uncertainty over a possible rise in OPEC output has likely put a bid under oil prices, according to Reuters. Iran will struggle to increase production, meaning it could lose market share and revenue to its rivals. "Need to keep prices down!" he said in a tweet. Trump wrote on Twitter after OPEC announced its decision.

If a 25 percent duty on USA crude imports is implemented by Beijing, American oil would become uncompetitive in China, forcing it to seek buyers elsewhere.

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.

The Saudi proposal involves a complex calculation based on how much the group has cut production beyond the initial target of 1.8 million barrels a day set in 2016, the delegates said, asking not be named discussing private meetings.

Given the production restraints in some countries, the one million barrels per day proposal would in reality end up adding several hundred thousand barrels to the market.

Iran says that OPEC and other major oil producers should stick with an agreement that curbs output.

While OPEC's largest producer, Saudi Arabia, is seen to be open to higher production, Iran has been hesitant because of its trouble to increase output and tensions with the U.S. President Donald Trump has been calling publicly for the cartel to help lower prices.

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.

The Saudi oil minister said in an interview with CNNMoney on Thursday that there could be "a deficit in the second half of this year of 1.6 to 1.8 million barrels".

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Non-OPEC countries like Russian Federation had agreed in 2016 to participate in OPEC's effort to raise prices, cutting 600,000 barrels a day of their own production.

The measure has helped re-balance the market in the past 18 months and lifted oil prices to around $73 per barrel from as low as $27 in 2016. "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", he said.

"There isn't a lot of spare capacity in the world".

'We are only proposing this for the third quarter.

'We want to prevent the shortage and the squeeze that we saw in 2007-2008, ' Falih said, referring to a time when oil rallied close to $150 per barrel.

But that is easier said than done since much of the shortfall has come from Venezuela, where an economic crisis has savaged the nation's petroleum production.

"As a group we can meet the 100 percent compliance". OPEC ministers meet their non-OPEC counterparts on Saturday. Zanganeh has said the president is to blame for high prices because of his unilateral withdrawal from the worldwide nuclear agreement.

Iran's Oil Minister Bijan Namdar Zanganeh walked out that meeting, telling reporters he did not think an agreement could be reached.

OPEC has a new deal.

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