OPEC Struggles For Deal To Ease Supply Cuts As Iran Resists

OPEC will seek agreement on Friday to raise oil production despite opposition from Iran, which has threatened to block the move as it faces export-crippling U.S. sanctions.

OPEC's de facto leader Saudi Arabia and non-OPEC Russia have said a production increase of about 1 million barrels per day (bpd) or around 1 percent of global supply had become a near-consensus proposal for the group and its allies.

The Organization of the Petroleum Exporting Countries will be gathering in Vienna amid calls from top consumers the United States, China and India to cool down the price of crude and prevent an oil shortage that would hurt the global economy.

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Suhani Verma

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