OPEC strikes deal to raise production next month

Saudi Arabian Energy Minister Khalid Al-Falih may face his toughest test this week when the Organization of Petroleum Exporting Countries holds what’s likely to be its most difficult meeting in years.

OPEC members are discussing a compromise agreement that would see an oil production increase of between 300,000 and 600,000 barrels a day over the next few months, according to people briefed on the talks.

OPEC and its allies reach a deal to raise oil production starting next month. Bloomberg TV spoke to OPEC ministers including the Saudi Oil Minister Al-Falih on the sidelines of the OPEC seminar in Vienna.

Oil Ministers from Iran, Russia and the UAE gathered in Vienna for the OPEC+ meeting react to U.S. President Donald Trump’s tweet on Friday. Trump said on Twitter: “Hope OPEC will increase output substantially. Need to keep prices down!”

Saudi Energy Minister Khalid Al-Falih says the end of the country’s driving ban for women will impact the economy and gasoline consumption.

Russian Energy Minister Alexander Novak told Bloomberg Television on Saturday that OPEC+ production hike will be close to one million barrels per day, echoing the Saudi view.

President Trump has accused OPEC of manipulating prices. His comments came after he caused confusion over whether or not Saudi Arabia is going to increase crude output by the maximum amount possible.

Nigerian Minister of State for Petroleum Emmanuel Ibe Kachikwu discusses global oil market demand, Nigerian corruption, and the impact of shale oil on OPEC production.

The stormy oil market could have OPEC about to perform another production U-turn. The cartel has signaled it will consider a return to cutting output in 2019. With prices falling in the face of a shale surge, OPEC will discuss a change of course in Abu Dhabi this weekend.

The Gulf nation of Qatar's new energy minister said that his country will leave OPEC effective January of 2019. He said that he had informed OPEC of his decision ahead of his announcement.

Donald Trump wants Riyadh to keep pumping oil to keep global prices low, a tactic that pleases his blue-collar base at home. But the Saudis may balk at opposing other OPEC members ahead of a key meeting of the cartel.

President Donald Trump's call for OPEC to keep oil flows unrestricted drew criticism from Saudi Arabia. The oil cartel convened in Vienna to discuss cutting output, in a bid to bring prices back from a two month slump.