Oil prices rise ahead of OPEC’s June 22 meeting

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Asked whether he thought the 14 OPEC ministers gathering in Vienna would reach a unanimous agreement on whether and how to amend the landmark deal, Iraqi Oil Minister Jabbar al-Luaibi replied: "No".

While Iran has voiced skepticism in recent days about the prospect of a production increase, on Friday it sounded more flexible on the idea.

"Yergin said Saudi Arabia and the United Arab Emirates support the current, tougher USA policy toward Iran, Saudi Arabia's rival for influence in the region, and so will want to support Trump's call for lower prices".

"I don't think we can reach agreement", Iranian Oil Minister Bijan Zanganeh told reporters after leaving a joint OPEC and non-OPEC ministerial committee in Vienna while other ministers continued talks.

Russia, which isn't a member of OPEC but has gained influence in the oil group, wants an increase of 1.5 million bpd.

Iranian publication Seda quoted sources as saying Zanganeh told the meeting he would not accept an output increase because doing so would pave the way to an Iranian oil embargo.

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His position appeared unchanged on Friday.

The US, which rivals Russian Federation and Saudi Arabia for the position of world number one oil producer, is not participating in the current supply pact.

The pair is able to increase their production significantly and the countries are understood to be eager to defend their share of the global market against the return of United States shale oil rigs. Likewise, the oil for delivery in far-month August traded higher by Rs 6 or 0.13 per cent at Rs 4,489 per barrel in 118 lots.

Saudi Energy Minister Khalid al-Falih said the overwhelming majority recommended raising output by 1 million bpd, gradually and on a pro-rata basis among participants. The next formal OPEC meeting was set for December 3.

The production increase will partly undo a 1.2 million barrel cut OPEC agreed on in late 2016 that has helped push up the price of oil.

But that is easier said than done since much of the shortfall has come from Venezuela, where an economic crisis has savaged the nation's petroleum production.

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Output has also plummeted in Libya, where fighting between rival factions has damaged key oil infrastructure.

But the real increase will be smaller because several countries that recently underproduced oil will struggle to return to full quotas while other producers will not be allowed to fill the gap.

In fact, traders have remained net-long since May 25 when Oil - US Crude traded near 7191.6; price has moved 5.9% lower since then.

The outcome of that meeting could give oil users around the world a strong indication as to whether they face the prospect of rising prices later this year - possibly as high as $100 a barrel - or more plentiful supply that would ease the cost of gasoline and diesel.

Various analysts have been wondering whether the Saudis will manage to pull off the listing of 5 percent of Aramco this year, amid speculation as to which foreign stock market the Saudis will choose, if any, and if the price of oil would be high enough to support a high valuation for the company.

OPEC and its allies are discussing an output increase of 1 million bpd or more to avert future shortages and stock declines.

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