Oil flow

OPEC and its allies are discussing an output increase of between 300,000 and 600,000 barrel per day over the next few months, according to people briefed on the talks. Oil trimmed earlier losses after the Bloomberg News report, with the output increase significantly lower than the 1.5 million barrels a day proposed by Russian Energy Minister Alexander Novak last week. Iran, Venezuela and Iraq are opposed to any increase in production at all, Iran’s OPEC representative Hossein Kazempour Ardebili said on Sunday. There are also moves to make Russia a permanent member of the oil-exporters’ alliance. A barrel of West Texas Intermediate for July delivery was trading at $64.78 by 5:45 a.m. Eastern Time. 

 

Source:  Bloomberg