Saudi Arabia urges OPEC to ease oil curbs to help consumers

Saudi Arabia has asked the Organization of Petroleum Exporting Countries (OPEC) to help consumers by boosting oil supply with fewer than 24 hours to go before the pivotal meeting in Vienna,  Bloomberg reported on Thursday.

"The most important thing is the consumers,” Saudi energy minister Khalid Al-Falih said.

“We’re not going to allow a shortage to materialize to the point that markets will be squeezed and consumers will be hurt,” he added.

Meanwhile, the chances of the OPEC reaching a deal on Friday have increased as Iran edged away from a threat to veto any agreement that would raise output, while Saudi Arabia put forward a plan that would add 600,000 barrels a day, lower than the 1.5 million increase Russia proposed, the report said.

“We are making good progress. This is a very good meeting. We are optimistic,” said UAE's energy minister Suhail Al Mazrouei, who also currently holds the position of OPEC president.