Russia oil min: OPEC committee mostly backing oil output increase

Joshua Gibson FXStreet

Russia's Oil Minister, Alexander Novak, is hitting the wires with comments coming out of the OPEC+ ministers' meeting taking place in Vienna this week. Russia is pushing for a 1 million bpd increase in OPEC's current oil output limits.

Key highlights

Majority supports output increase according to Iraqi oil minister.

Saudi Arabia says overwhelming consensus is to see output caps raised by 1 million bpd.

Iraqi oil minister says OPEC+ has reached a preliminary consensus.

Iran is still pushing back, Saudi oil minister says that we are listening to what Iran has to say, but the majority wants an increase.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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