Other OPEC-members, including Iran, have opposed this, resulting in a flurry of backdoor diplomacy ahead of the meeting, which starts on Friday.
A big OPEC deal- adding more than 1 million barrels - could cause prices to dip into the $2.60s or $2.70s this summer, he said.
But oil prices have found some support from global demand, which has been increasing strongly this year.
USA crude inventories fell by three million barrels to 430.6 million barrels up to June 15, according to an American Petroleum Institute report on Tuesday. Venezuela's production has dropped amid domestic political instability.
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.
Al-Mazrouei noted that the decision "is challenging for those countries that are struggling with keeping their level of production". Oil was trading as low as $27 in 2016.
"It was deliberate ambiguity", said Helima Croft, global head of commodity strategy at RBC Capital Markets.
"Longer term, this is a bit of a win for consumers", said Jamie Webster, director of Boston Consulting Group's Center for Energy Impact.
When the oil price is too high, economic growth is constrained as individuals and companies feel compelled to cut spending.
Falih has warned the world could face a supply deficit of up to 1.8 million bpd.in the second half of 2018 and that OPEC's responsibility was to address consumers' worries. That has since then helped push up the price of oil by nearly 50 percent.
Pantera and Hallyeah’s Vinnie Paul dead, aged 54
They were performing in Columbus, Ohio on December, 2004 when Darrell was shot dead along with four gig goers. Paul Stanley, lead singer of rock group KISS, wrote: "So sad to hear of the death of Vinnie Paul .
Mavs swap picks with Hawks to get Luka Doncic
Nowitzki, of Germany, is the highest-scoring European player in National Basketball Association history. The Slovenian teenager is considered one of the best prospects to come out of Europe.
By adding barrels to the market now, OPEC can stabilise or even increase inventories and ease shortages later in 2018/19.
Both Saudi Arabia and non-OPEC producer Russian Federation are reportedly in favor of dialing back production limits imposed in 2017 to counter a global supply glut.
"OPEC is an independent organization, not an organization to receive instruction from President Trump", Zanganeh said on Tuesday.
Zanganeh told CNN on Wednesday that if OPEC returned to regular compliance, the real supply increase from the group would constitute only around 460,000 bpd. "Need to keep prices down!"
Iraq's oil minister says he is confident that officials from major oil-producing countries will reach an agreement on raising oil production at their meeting in Vienna.
OPEC and its allies are discussing an output increase of 1 million bpd or more to avert future shortages and stock declines.
US President Donald Trump was among those wondering how much more oil OPEC will deliver.
There are other considerations than dollars and rubles. "The geopolitical factors will play in a lot". USA investment bank Jefferies said an increase in "the range of 450-750,000 bpd seems the most likely outcome" of the meeting.
Zangeneh has insisted the members don't overstep their quotas and infringe on the market share of Venezuela and Iran.
Janhvi Kapoor's debut film Dhadak may not have been released yet but it's already causing quite a stir on social media platforms. Janhvi was asked in a recent TV interview about her dad's reaction on watching her in her debut movie.
In order to keep their hope of survival alive, they'll need to play with smarts and desperation against a stellar group foe. Belgium can book their place in the round of 16 with a victory over Tunisia on Saturday afternoon at the Spartak stadium .
The score ranges from zero to six where a 0 would indicate no evidence of book cooking, and a 6 would indicate a high likelihood. Investors look at the Volatility 12m to determine if a company has a low volatility percentage or not over the course of a year.
An explosion has shaken a rally for Ethiopia's new PM Abiy Ahmed which was being attended by thousands of people in Addis Ababa . It was Abiy's first public speech in the capital since he took office in April, although he has made several in provincial areas.
But the Persians kept their shape superbly, restricting Spain to a handful of chances from David Silva in the first half. It was obvious that Iran's primary objective was to frustrate the Spanish, and they did so very effectively.
Sophie Gradon , who was known for appearing on ITV reality series Love Island , has died at the age of 32, multiple reports say. Sophie was best known for appearing on the show previous year , alongside contestants including Olivia Buckland and Alex Bowen .
Also, teams selected 54 of the top 60 players on my final big board, largely sticking to the script when it came to selections. The Phoenix Suns announced the team's four 2018 draft picks: Deandre Ayton , Mikal Bridges , Elie Okobo and George King .
Cohen recommended the industry be given until 2020 to show that operations on wild salmon migration routes have "minimal" impact. She said the four-year limit aligns with the 2022 renewal of licences for most of the fish farms now operating in B.C.
This is (potentially) a $45m Ferrari 250 GTO
Phil Hill drove it in the Targa Florio, a legendary race at which this very auto won its class the following two years running. The specific Ferrari in question , chassis no. 3413 GT, was the third of just 36 examples of the 250 GTO ever built.
Turkey hits US with retaliatory tariffs
Zeybekci called the tariffs "proportional, measured and created to protect Turkey's interests, while encouraging dialogue". Additional charges will be levied almost two dozen types of goods from the United States - from cars to sunscreens.
North Korea still a nuclear threat
That Kim met with both Secretary of State and President Trump , to whom he delivered a letter from the North Korean chairman. The national emergency has been in place since 2008 amid tensions between the USA and North Korea.
Lose weight with this 16:8 diet
Followers of the popular regime eat during an eight-hour window, in this case between 10 a.m. and 6 p.m. Varady continued that the results are similar to previous studies on other intermittent fasting diets.
If Real Madrid sign Nabil Fekir
At the moment, we are waiting for France and Nabil to have a fantastic World Cup. "I had given him the green light", he said .
Pantera legend & co-founder Vinnie Paul dies aged 54
Vinnie Paul , the drummer and co-founder of heavy metal band Pantera , has died, the group announced in a statement on Facebook . The biggest change came on the groundbreaking follow-up, Cowboys From Hell , which kickstarted the legacy of Pantera .
Messi is not a leader like Ronaldo - Petit
Petersburg. "We are here to help him every moment, and of course we will be at his side". We have players with a lot of skills and speed. "We have to enjoy his performance".
Ramaphosa welcomes South Sudan peace talks
In May, the UN Security Council gave the two warring sides a month to reach a peace deal or face sanctions. The two men have been central to the fate of South Sudan since its 2011 separation from the north.
Supreme Court decides online sales tax issue
Chief Justice John Roberts offered the dissenting opinion, along with Justices Stephen Breyer, Elena Kagan, and Sonia Sotomayor. Sellers who use eBay and Etsy , which provide platforms for smaller sellers, also haven't been collecting sales tax nationwide.