Ecuador OilMin: Saudi Arabia & Russia would like oil output increase by 1.5 mln bpd

Ecuador's oil minister Carlos Perez crossed the wires in the last hour, stating that Russia and Saudi Arabia were looking to make a proposal to increase the crude oil production from OPEC and non-OPEC countries by 1.5 million bpd.

OPEC members and other oil producers will be meeting in Vienna later this week to discuss the oil supply.