Ministers face tough talks in Vienna

摘要

Opec and its non-Opec allies face potentially difficult discussions on whether to boost output when they gather in Vienna on 22 June. Iran and Iraq both publicly oppose any move to raise production levels within the Opec and non-Opec output restraint deal. Producers participating in the deal agreed to cut supply by 1.7mn b/d relative to an October 2016 baseline until the end of this year. But Saudi Arabia and Russia indicate that a decision to increase production is now possible in the third quarter of this year. The move comes in the face of collapsing Venezuelan output and a potential drop in supply from Iran following the reimposition of US sanctions.