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

VIENNA (Reuters) – 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 on Wednesday, adding to complications ahead of an OPEC meeting this week.

The Organization of the Petroleum Exporting Countries meets on Friday to decide on output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude.

Iran said on Tuesday OPEC was unlikely to reach a deal, setting the stage for a clash with Saudi Arabia and Russia, which are pushing to raise production steeply from July to meet growing global demand.

Adding to the complications is a lack of compromise among usually aligned Gulf oil producers ahead of the Friday meeting, according to two sources familiar with the talks.

For graphic on IEA estimates of non-OPEC supply growth in 2018 click reut.rs/2rJnnCO

 

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