Opec discusses modest production hike, rallies before Vienna meet

Members of the Opec are discussing an agreement that delivers 300,000 to 600,000 barrels a day of additional oil supply to global markets over the next few months

Opec is discussing a relatively modest production increase before its meeting in Vienna this week, an attempt to bridge the gap between Russia’s push for a big rise and Iran’s insistence that no change is needed.

While a compromise may be necessary to overcome vocal opposition from Tehran, Baghdad and Caracas, it could mean the resulting supply boost is smaller than oil traders — or indeed the US President Donald Trump — had been anticipating. Crude prices rallied in London on Monday after two weeks of losses, trading over $74 a barrel.

Members of the Organization of Petroleum Exporting Countries