Above $74: Brent oil rises by $1 ahead of OPEC decision

High oil prices hurting fiscal balance, says Pradhan

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.

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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.


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