Higher oil supply acceptable if justified by demand and agreed by all OPEC

Arab World Materials 21 June 2018 12:33 (UTC +04:00)

An increase in oil supply would be acceptable if justified from the demand side and agreed upon by all OPEC members, a source familiar with Iranian thinking said on Thursday, Reuters reports.

“An increase because of external pressure on OPEC is not acceptable,” the source said.

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Friday in Vienna, followed by talks with non-OPEC oil producers on Saturday.