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| 25 May, 2018

OPEC, non-OPEC discuss around 1 mln bpd oil output rise - sources

Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said.

Image used for illustrative purpose. 
1XL Local Oil, The hunt is on in Manitoba for Oil. This Image was taken close to the Saskatchewan border in Manitoba, north west of the town of Virden.

Image used for illustrative purpose. 1XL Local Oil, The hunt is on in Manitoba for Oil. This Image was taken close to the Saskatchewan border in Manitoba, north west of the town of Virden.

Getty Images/ mysticenergy

DUBAI/MOSCOW/LONDON  - Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said.

An increase of about 1 million bpd would bring compliance with global supply curbs down to 100 percent from around 152 percent, the sources said.

The initial talks are being led by the energy ministers of Saudi Arabia and Russia at St. Petersburg this week along with their counterpart from the United Arab Emirates (UAE), which holds the OPEC presidency this year, the sources said.

OPEC and non-OPEC ministers meet next in Vienna on June 22-23, and the final decision will be taken there.

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(Reporting by Rania El Gamal; Editing by Adrian Croft) ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: https://twitter.com/Rania_ElGamal))