Talks before main OPEC meeting to debate 1 mln bpd output hike – sources

Reuters – Oil ministers will debate on Thursday whether to raise supplies by 1 million barrels per day as the main proposal for the upcoming meetings of OPEC and non-OPEC allies, OPEC sources said.

Three OPEC sources said that if the proposal was approved, all OPEC members and their non-OPEC allies could raise supplies pro-rata, with Saudi Arabia adding about 0.25-0.3 million bpd.

Iran had yet to agree to the proposal, the sources said. Iran will join a ministerial committee meeting on Thursday. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela.

Reporting by Rania El Gamal; Editing by Dale Hudson