OPEC may get a proposal to increase output target - Kuwait

FXStreet (Mumbai) - Ahead of the OPEC meeting in Vienna, a raft of comments is coming through from member states, the latest one from Kuwait, stating that a proposal to increase the output target could be put for discussion at today’s meeting.

Kuwait added that the group should look at all possible options for oil output. Iraq also expressed a possibility of discussion on boosting oil output target. Meanwhile, Saudi Arabia, the strongest member of the group said the oil demand is growing, while supply is diminishing.

On the other hand, Iran does not expect consensus for an increase in daily output, while Ecuador said the market is oversupplied.