OPEC Aims for Modest Output Hike to Overcome Iran's Dissent
- Members said to discuss smaller boost than suggested by Russia
- Iran says Venezuela, Iraq will help it to block any increase
A crew man stands on the deck of a crude oil tanker as it sails through the Persian Gulf towards Kharq Island oil terminal to transport crude oil to export markets in the Persian Gulf, Iran.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
OPEC is discussing a relatively modest production increase before its meeting in Vienna this week, an attempt to bridge the gap between Russia’s push for a big rise and Iran’s insistence that no change is needed.
While a compromise may be necessary to overcome vocal opposition from Tehran, Baghdad and Caracas, it could mean the resulting supply boost is smaller than oil traders -- or indeed the U.S. President Donald Trump -- had been anticipating. Crude prices rallied in London on Monday after two weeks of losses, trading above $74 a barrel.