Vienna — Saudi Arabia's oil minister Khalid Al-Falih said Friday that OPEC wasdiscussing a nominal 1 million b/d increase of oil output starting from July1.
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The increases in supply will be distributed "pro-rate" between the entire24-member group of OPEC and its allies led by Russia, said Al-Falih.
"Producing oil at the wellhead is one thing but selling it to customers issomething else," Al-Falih told reporters at the start of OPEC's officialgathering.
"Production will be based on countries' ability, as we know some countries areunable to meet their targets."
Riyadh, which has around 2 million b/d of spare capacity, is under pressurefrom US President Donald Trump to release more barrels and cool the marketahead of the summer peak demand season. However, doing so risks alienatingOPEC partners especially Iran which objects to the proposal.
OPEC produced 31.90 million b/d in May, according to the latest S&P GlobalPlatts OPEC survey -- about 840,000 barrels below its ceiling of about 32.74million b/d, when every country's quota is added up.
Venezuela accounts for some 610,000 b/d of the decline.
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