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OPEC/non-OPEC coalition to discuss reducing overcompliance on output cuts: Omani oil minister al-Rumhy

Vienna — Iran and Iraq have been invited to a key meeting Thursday of OPEC andnon-OPEC producers in Vienna to continue negotiations about the future oftheir supply cut agreement, Oman's oil minister said Wednesday.

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Iran remains adamantly opposed to calls by Saudi Arabia and Russia toraise output later this year.

"We have a big cut, we want to make it smaller," Omani oil ministerMohammed al-Rumhy said on the sidelines of the OPEC International Seminarin Vienna.

Rumhy gave no details on possible cuts to quotas but said the group wouldexamine over-compliance by certain members.

"And then we have to take into consideration the over-supply from othersources like shale and the excess demand that is growing," he said.

OPEC kingpin Saudi Arabia will chair Thursday's meeting, with Russia asan alternate chair. Ministers from Kuwait, Venezuela, Algeria and Omanwill also take part.

The meeting is a chance for key members to develop recommendations aheadof OPEC's biannual meeting Friday.

The supply cut deal that took effect in January 2017 calls on OPEC and 10non-OPEC partners, led by Russia, to make 1.8 million b/d in supply cutsthrough the end of 2018.

Russia has proposed raising quotas by 1.5 million b/d for a few months,with a review after the peak summer demand season ends.

Saudi Arabia appears on board with pulling back on quotas, but is said towant a smaller amount, perhaps 300,000-600,000 b/d, to fill any supply gapleft by Venezuela's continued decline and US sanctions on Iran, as well as toease concerns from US President Donald Trump, a key ally, on high oil prices.

--Staff, newsdesk@spglobal.com

--Edited by Alisdair Bowles, newsdesk@spglobal.com