OPEC, non-OPEC panel said to discuss sharing output increase

An OPEC and non-OPEC joint technical committee will meet on Sept.17 to discuss proposals on distributing the agreed output increase of 1 million barrels per day (bpd), Reuters reported, citing sources familiar with the matter.

"The talks will look at various mechanisms to reach the required production level," a source said.

There are four proposals on how to distribute the increase, presented by Iran, Algeria, Russia and Venezuela, a source said.

One of the idea is to share it pro-rata among participating countries but is unlikely to be approved by Russia and Saudi Arabia as it would give them less than the supply boosts of 300,000 and 400,000 bpd that they respectively want, the report stated.

In June, OPEC, Russia and other non-members agreed to return to 100 percent compliance with oil output cuts that began in January 2017 after months of underproduction in Venezuela and elsewhere pushed adherence above 160 percent.

The proposals will next be presented to ministers attending a monitoring meeting in Algeria on Sept. 23, the report added.

Last week, OPEC secretary-general Mohammed Barkindo said the oil producer's group was likely to finalize a long-term cooperation pact with Russia and other key oil producer allies to help manage the global oil market at their next meeting in December.