Saudi Arabia and Russia are backing an increase in oil production at the OPEC (and other producers) meet in Vienna this week

  • "Three OPEC founders are going to stop it," Iran's representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg Sunday. "If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that's a breach of the cooperation agreement."

Link to the Bloomberg piece is here

Also, via Reuters :

  • The Iraqi oil minister Jabbar Al-Luaibi told Reuters "a production increase is not on the table as the market is stable and prices are good."

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Russia/Saudi propose an increase of around 1.5mln barrels a day.

ps, for a heads up on oil tape bombs I posted a bit of a timeline to watch here: