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Saudi, Iranian oil ministers begin talks ahead of OPEC meeting in Vienna: Shana

Vienna — Iranian oil minister Bijan Zanganeh and Saudi counterpart Khalid al-Falihhave held talks on Friday morning in Vienna just before the OPEC group meetsto decide on policy, Iran's oil ministry news service Shana reported.

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Zanganeh on Thursday abruptly walked out of a monitoring committeemeeting chaired by Falih, saying that the discussions had not gone well anddoubting whether OPEC could reach any consensus.

OPEC and 10 non-OPEC partners, led by Russia, are in the midst of a 1.8million b/d supply cut agreement that runs through the end of the year.

Saudi Arabia and Russia have said they would like to ease the quotas tomake up for any supply gap caused by declines in sanctions-hit Venezuela andIran.

Falih earlier Thursday suggested he was considering proposing a 1 millionb/d increase, to be distributed among the OPEC/non-OPEC coalition's 24members.

Zanganeh has insisted the members don't overstep their quotas andinfringe on the market share of Venezuela and Iran, which are both impacted byUS sanctions.

The US, a key Saudi ally, has lobbied OPEC to loosen its taps ahead ofthe summer demand season, with US President Donald Trump having tweeted hisdispleasure with current price levels.

-- Staff, newsdesk@spglobal.com

-- Edited by Andy Critchlow, andy.critchlow@spglobal.com