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OPEC works on a moderate output hike to win over Iran’s refusal

Before the meet in Vienna, the OPEC members discuss a modest hike in oil output in order to strike a balance between Russia’s proposal for a big hike and Iran’s opposition for no change in production.  

A compromise in the output hike indicates that the resulting increase in supply might be lower than the anticipation of Russia and U.S. While nothing has emerged from the preliminary meetings with proposed plans from various nations, OPEC officials are trying to bring together the cartel, other oil producers and Russia on the same page.

Source: World Oil

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