FILE- In this Feb. 19, 2015, file photo, the sun sets behind an oil well in a field near El Tigre, Venezuela. Ministers from the Organization of the Petroleum Exporting Countries and non-OPEC nations led by Russia meet in Vienna on Friday, June 22, 2018, and Saturday, June 23. (AP Photo/Fernando Llano, File)

The Latest: Iraq confident of OPEC deal to raise oil output

June 22, 2018 - 6:02 am

VIENNA (AP) — The Latest on the OPEC meeting on oil production (all times local):

12:00 p.m.

Iraq's oil minister says he is confident that officials from major oil-producing countries will reach an agreement on raising oil production at their meeting in Vienna.

Jabar Ali al-Luaibi said as ministers from the Organization of the Petroleum Exporting Countries gathered Friday that "there is a lot of chance" of an agreement.

He said that there are "many, many options ... and we will settle to one of those options." He wouldn't say what outcome is most likely but said that "we have so many options and they are all workable."

Saudi Arabia's oil minister said the OPEC ministers will discuss a proposal to increase output by about 1 million barrels per day.

___

11:45 a.m.

Saudi Arabia's oil minister says officials from major crude-producing nations will discuss a proposal to increase output by about 1 million barrels per day.

Ministers from the Organization of the Petroleum Exporting Countries are meeting Friday in Vienna for what could be a difficult gathering.

The cartel's largest producer, Saudi Arabia, is seen to be open to higher production but Iran has been hesitant. U.S. President Donald Trump has been lobbying the cartel to help lower prices.

Saudi Oil Minister Khalid al-Falih said an OPEC committee agreed "to recommend releasing the equivalent of 1 million barrels or thereabout to the market."

A production increase on Friday would undo a cut agreed on in late 2016 that has since then helped push up the price of oil by almost 50 percent.

AP Editorial Categories: 
Comments ()