Khalid Al-Falih, the Saudi minister of energy, industry and mineral resources, expects a "reasonable and moderate" agreement next week at the OPEC and non-OPEC oil-producing nations meeting in Vienna, he told reporters in Moscow on Thursday.
There is proposal to increase combined oil output by 1.8 million bpd, he said. This would eliminate the cuts producers are currently observing.
"We will see where we go, but I think we’ll come to an agreement that satisfies, most importantly, the market”, the Saudi minister added
Al-Falih also said that he does not expect disputes with Iran and Venezuela at the OPEC meeting next week. Iran and Venezuela, both OPEC members, oppose a proposal to increase oil supply.
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