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OPEC/non-OPEC committee recommends 1 mil b/d output rise from current level

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OPEC/non-OPEC committee recommends 1 mil b/d output rise from current level

Vienna — A six-country monitoring committee overseeing the OPEC/non-OPECproduction cut deal will recommend a 1 million b/d output rise fromcurrent levels, Saudi energy minister Khalid al-Falih said Thursday.

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But Falih did not delineate how those barrels would be allocated acrossthe 24 countries participating in the deal, nor an exact ramp-upschedule.

"Naturally it is going to be gradual, very few counties can flick on aswitch," he told reporters after the committee met for five hours. "Ithink it will be over time, it will take weeks, if not months, for thesevolumes to reach the market so I don't expect a shock to the market."

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

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 Venezuelaand Iran.

But Iran, whose oil minister Bijan Zanganeh walked out of the monitoringcommittee meeting after an hour despite being invited, is opposed toraising the quotas and insists that members not infringe on othercountries' market share.

Falih, in his opening remarks at the monitoring committee meeting, saidhe foresaw a supply gap in the coming months of 1.7 million b/d that theOPEC/non-OPEC coalition needs to address to prevent a demand-sappingprice spike.

Demand in the second half of the year would be 2 million b/d higher thanin the first half, Falih forecast. Meanwhile, production among OPEC andits 10 non-OPEC partners in a supply cut agreement has fallen 2.8 millionb/d -- 1 million b/d more than originally intended. --Staff, newsdesk@spglobal.com

--Edited by Valarie Jackson, newsdesk@spglobal.com