The Organization of the Petroleum Exporting Countries is hosting a number of events in Vienna this week, but the meetings set for Friday and Saturday are expected to yield decisions on crude production that could shake up the oil market.
Opec and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day - the actual increase will be smaller as several countries are unable to raise output.
Opec used the opening of the meeting to make it clear the group did not want to see prices sliding too much because of a rise in supplies.
Saudi Oil Minister Khalid al-Falih said that an OPEC committee ahead of the official meeting had agreed "to recommend releasing the equivalent of 1 million barrels or thereabout to the market".
"It would seem that an aggregate increase in production for OPEC+ of between 500,000 bpd and 1 million bpd is the range that is being considered", Tchilinguirian said.
Oil prices rose nearly 3 percent on Friday as OPEC agreed a modest increase in output to compensate for losses in production at a time of rising global demand.
"In the long term, this will have a negative effect on the global economy even if, in the short term, it might be positive for other non-US producers", Rainer Seele, chief executive at Austria's oil company OMV, said in Vienna where OPEC officials and ministers and top oil industry executives attended a seminar this week.
Brent crude last month surged to a more than three-year high above $80 a barrel. Oil prices stabilized on Wednesday, with the Brent crude unchanged at $75 per barrel.
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He said that there are "many, many options. and we will settle to one of those options".
Sources said Saudi Arabia did not want to be seen as putting too much pressure on Iran and hence Russian Federation could instead try to convince Tehran. If we lose a million bpd of output from Venezuela and Iran in the fourth quarter, where will all these barrels come from?
Mr. Pradhan went on to say that the prices of oil and gas had become subject to the "vagaries of geopolitics" and urged the OPEC countries to commit towards ensuring more sustainable prices.
Zanganeh said he thinks $70 per barrel would be a "very good" oil price.
Domestic crude oil production falls by 2.95%.
He acknowledged that a big production hike might be "politically unacceptable" to some OPEC countries and said it was important to be "sensitive" to those concerns.
EUR: Eurozone PMI data for June had been generally mixed with the service reading rising to a 4-month high at 55, above forecasts, while manufacturing remained stagnant at an 18-month low of 55, which was in line with expectations as increased trade war tariff tensions continued to weigh on the manufacturing sentiment.
While Saudi Arabia's cutting by more than required has helped Opec's compliance, involuntary reductions in Venezuela amid economic crisis and in Angola due to natural decline have had a larger impact and can not be reversed at short notice.