Iran says OPEC, allies to increase oil output by 500,000 bpd

23 June, 2018, 18:26 | Author: Regina Silva
  • An oil pumpjack operates in the drive-thru area of a McDonald's in Bradford Pennsylvania

The countries of the OPEC oil cartel agreed Friday to effectively increase their combined production by nearly 1 million barrels a day, though questions remain over some of the members' ability to do so amid domestic trouble and sanctions.

After a meeting in Vienna, Emirati Energy Minister Suhail al-Mazrouei said the cartel made a decision to fully comply with its existing production ceiling.

Saudi Energy Minister Khalid Al-Falih told reporters after the meeting that the deal was to make a "nominal" increase of 1 million barrels per day, Bloomberg News reported.

How that translates into effective production increases is uncertain, as some OPEC countries can not easily ramp up production.

But Iran, bracing for the impact of fresh U.S. sanctions on its oil exports, fiercely objected to raising output targets, as did countries like crisis-hit Venezuela and Iraq who are unable to raise output in the near term. Compliance has been well above 100% this year since some countries, notably Venezuela, have seen a drop in production.

Moscow had long argued for a hike, feeling the pressure from domestic oil companies eager to produce more so they can cash in on the higher prices. In practice, the reduction was even deeper due to production problems. That has since then helped push up the price of oil by nearly 50 percent.

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OPEC reportedly expects to boost production by 600,000 barrels per day.

President TrumpDonald John TrumpCNN analyst Kirsten Powers: Melania's jacket should read "Let them eat cake" CNN's Cuomo confronts Lewandowski over "womp womp" remark Sessions says Federal Bureau of Investigation agent Peter Strzok no longer has his security clearance MORE has been repeatedly pressuring OPEC to increase production.

Iran, OPEC's third-largest producer, was against the agreement at first since the country is facing export-crippling USA sanctions.

It's a dramatic policy change for the organisation known as OPEC. It can be regarded as a victory for Saudi Arabia and Russian Federation, which had pushed to boost output to alleviate high prices. "More oil on the market means relatively lower prices for consumers".

Daniel Yergin, the vice chairman of research firm IHS Markit and author of several books on the energy industry, says geopolitical factors are a big element in the oil production talks.

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