Any decision to increase production during Friday's meeting is expected to see crude oil prices fall further.
The result however, has been a series of indications from major oil producers like Saudi Arabia and Russian Federation that an increase in production would be forthcoming in the run-up to the OPEC meeting in Vienna on Friday. Other OPEC-members, including Iran, have opposed this, resulting in a flurry of backdoor diplomacy ahead of the meeting, which starts on Friday.
Saudi Arabia is ready to add back production it had agreed to curb in 2016, even though it is benefiting hugely from a almost 75% spike in oil prices. There are different views on how much to increase production and whether such a move should be gradual, one source said following a meeting of Gulf oil ministers on Tuesday evening.
The final production hike is expected to be less than the one million barrels as many producers may struggle to increase production.
Iran's Zanganeh has accused Trump of trying to politicise OPEC and said it was USA sanctions on Iran and Venezuela that had helped push up prices.
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Iraq's energy minister said it was clear that Opec and its allies would change course after 18 months of production curbs, in an effort to rebalance crude supply and demand.
Fawibe said: "If OPEC increases its production by 1.5million barrels per day, there will be a slump in the price, especially now that we are going to winter."He urged the federal government to proactively address the situation in the oil-producing region to enable the country to boost production, which stood around 2.25 million b/d earlier this year".
Benchmark Brent crude prices traded at $74.35 a barrel on Thursday morning in London.
Ministers have gathered in the Austrian capital to discuss a supply increase that would be equivalent to about 600,000 barrels a day, or 0.5 per cent of global supply.
"While China could secure the crude from alternative sources, such as West Africa which has a similar quality to U.S. crude, the USA would find it hard to find an alternative market that is as big as China", Suresh Sivanandam, senior manager, Asia refining, at Wood Mackenzie, said earlier this week, commenting on the impact of possible Chinese tariffs on United States oil imports.
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It is now on a run of 18 games unbeaten, including games against World Cup teams Serbia, Nigeria, South Korea and Egypt. First, they were picked in possibly the toughest group at the World Cup. "For us and Morocco , it is a must-win game".
The correction in prices have been a continuing trend since May 23, when prices breached the $80 mark after the announcement of new USA sanctions on Iran and ongoing supply disruptions in Libya and Venezuela.
"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. He said Opec could meet again in September to adjust the deal.
"If the volume of spare capacity goes down then the market gets much more vulnerable to supply shocks", said Essner, the Nasdaq analyst.
While Saudi Arabia's cutting by more than required has helped Opec's compliance, involuntary reductions in Venezuela amid economic crisis and in Angola due to natural decline have had a larger impact and can not be reversed at short notice.
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