OPEC mulls 1 million-barrel oil production increase

OPEC mulls 1 million-barrel oil production increase
The Associated Press

VIENNA (AP) — 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.

.