Iran, Algeria, Venezuela oppose immediate oil output increase - Reuters

Author: Justin Low | Category: News

According to Reuters, citing two OPEC sources

It looks like even the possibility of a compromise through a smaller increase in the oil output production may not be well received by Iran and Venezuela.

If that's the case, we're very much looking for a failure at a joint communique by the OPEC members and Saudi Arabia and Russia may very well have to veto the decision here and go on with their own - as Saudi Arabia did back in 2011.

Oil prices are trading near the lows for the day though with WTI now down to $64.94 after having just touched a low of $64.87 on the day - down by 1.4% currently.

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