An OPEC and non-OPEC technical committee will next week discuss proposals for sharing out an oil-output increase, a tense topic for the producer group after it decided in June to ease supply curbs.
A panel called the Joint Technical Committee will on Tuesday consider proposals on distributing the agreed output increase of 1 million barrels per day, sources said. “The talks will look at various mechanisms†to reach the required production level, a source said.
If resolved, the talks could lead to an easing of tensions within the Organization of the Petroleum Exporting Countries. Iran had been against the June decision, which came amid pressure from U.S. President Donald Trump to reduce oil prices.
There are four proposals on how to distribute the increase, presented by Iran, Algeria, Russia and Venezuela, one of the sources said, suggesting agreement will not be straightforward.
Source: Reuters