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Monday, January 24, 2022

Gulf oil producers remain apart over need for output increase

Gulf oil producers remain apart over need for output increase© Reuters. The OPEC logo is seen at OPEC’s headquarters in Vienna

VIENNA (Reuters) – Gulf oil producers did not agree on the need for any oil output increase during talks on Tuesday night, two sources familiar with the discussion said.

Oil producer group OPEC meets on Friday to decide on output policy amid calls from major consumers such as the United States and China to cool down oil prices and therefore support the global economy by producing more crude.

OPEC’s de facto leader, Saudi Arabia, and non-member Russia have proposed relaxing production cuts gradually, while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move.

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Source: Investing.com

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