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OPEC Discusses Output Hike of Up to 600,000 Barrels a Day
OPEC members are discussing a compromise agreement that would see an oil production increase of between 300,000 and 600,000 barrels a day over the next few months, according to people briefed on the talks. While Iran said on Sunday it's opposed to any increase to current quotas, officials from a number of other countries are optimistic that an agreement can be won for a relatively modest hike at this week's meeting in Vienna, the people said, asking not to be named discussing private conversations. The compromise output boost, if agreed, would be smaller than the 1.5 million-barrel a day quota increase that Russia has proposed.