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Saudi struggles for Gulf oil producers' support ahead of OPEC meeting

Video Credit: Reuters Studio - Duration: 01:17s - Published < > Embed
Saudi struggles for Gulf oil producers' support ahead of OPEC meeting

Saudi struggles for Gulf oil producers' support ahead of OPEC meeting

Saudi Arabia is struggling to convince fellow OPEC members including Gulf allies on the need to raise oil output, sources familiar with the talks said ahead of a meeting on Friday.

Thuy Ong reports

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Saudi struggles for Gulf oil producers' support ahead of OPEC meeting

OPEC talks look set to be complicated... With a meeting on Friday to determine oil policy President Trump and China are in agreement for once.

They want to cool down oil prices and support the global economy by producing more crude.

Saudi Arabia, the defacto leader of OPEC, also wants to increase output, but it's aparently struggling to convince other members.

The United Arab Emirates, Kuwait, Oman and Bahrain believe it's too soon.

(SOUNDBITE) CHARLES STANLEY, CHIEF INVESTMENT COMMENTATOR, GARRY WHITE: "The Saudis do want to increase output and they've been making lots of very bullish noises on this ahead of the meeting which is going to allow them to come to a compromise view.

So I expect they will as usual get a fudge compromise.

And they're in a better position because of Trump's issues with trade hitting the oil price and sentiment.

Iran has been the biggest opponent of higher production.

Its oil minister argues Trump is partly to blame for the higher prices because it's imposed U.S. sanctions on Iran and Venezuela.

A compromise is thought likely - with output being increased, but only slightly - perhaps by less than 1 million barrels per day.

A further review could then take place in September when OPEC and its allies meet again.




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