OPEC, friendly countries close to agreement on small production increase

OPEC, friendly countries close to agreement on small production increase

Those familiar with the matter said that the Organization of the Petroleum Exporting Countries and its allies were concluding an agreement to normally increase their combined oil production to 500,000 barrels a day starting next month.

The deal would mark a compromise between the world’s largest producers, who meet later Thursday to formalize a deal.

Compromise restricts differences between producers on whether the timing of the cuts is right, and oil-producing allies agreed earlier this year in an effort to stabilize prices. Earlier this week, there was OPEC Leaning towards According to people familiar with their discussions, it is recommended to keep the existing cuts for three more months. That Ran against the opposition From some members who wanted to start driving again when oil prices began to recover.

Russia shares that view, which leads to another large gathering of oil producers. The group, led by OPEC and Russia, known as “OPEC-Plus,” has been working on a concert to stabilize oil markets since the global market closed in recent months.

Approving a modest increase in production would mean a middle ground between the Saudi plan to extend the embargo for three months. The original plan of the group To increase production by 2 million barrels per day in January.

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