OPEC likely to agree on output increase next week: survey

OPEC is likely to overcome internal disputes to agree on a production increase next week to ease rising oil prices, according to a Bloomberg survey.

Eighteen of 31 analysts and traders in a global poll predicted that the 24 countries in the joint accord will agree to raise output when they meet in Vienna.

Of those who predicted the size of the increase, the majority forecast about 500,000 barrels a day.

Among the survey respondents who didn’t expect there would be an agreement to increase at the meeting, most said that the Saudis and Russia would go ahead and raise supplies regardless.

The OPEC and its allies are scheduled to meet on June 22 to 23 to review its output cut pact.

On Monday, OPEC president and UAE energy minister Suhail Al Mazrouei said that the United States had not asked it to boost oil production amid collapsing output in Venezuela and US sanctions on Iran.

Last week, news agencies said the Trump administration had "quietly" asked Saudi Arabia and some other OPEC members to increase oil production.