OPEC strives for deal to raise oil output as Iran resists
OPEC scrambled on Thursday to agree on raising oil output, with Saudi Arabia warning of shortages but Iran holding out against a deal amid the prospect of lower exports due to U.S. sanctions on Tehran. The Saudi and Russian energy ministers said a production increase of about 1 million barrels per day (bpd) or around 1 percent of global supply had become a near-consensus proposal for the group and its allies, but Iran’s assent was vital. The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls ...
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