According to a Bloomberg report, OPEC members could finally compromise of raising production by 300k – 600k barrels a day over the next few months. Such increase will likely be taken up mainly by those with spare capacity, like Saudi Arabia, Russia and the United Arab Emirates. But it’s unsure whether this can be the consensus in the upcoming OPEC+ meeting in Vienna this week.
Russia is proposing an increase of of 1.5m barrels a day. And the increase would be shared proportionally among all members. But some countries like Venezuela would be unable to raise the output.
Oil price responded positively to the news. WTI crude oil dipped to as low as 63.59 earlier today but is now back at 64.69.
