It's a dramatic policy change for the organisation known as OPEC.
Al Jazeera's Paul Brennan explains why.
But it remains to be seen what kind of compromise could emerge, given Iran's deep aversion to any attempt by OPEC allies to offset its expected production losses as a result of the impending U.S. sanctions. "We believe they are considering it", Khalid Al-Falih said at a press conference. "I can assure that the entire membership of OPEC would welcome Russian Federation".
In November 2016, OPEC members cut production in order to manage drastically decreasing oil prices. The figure has been inflated by a plunge in supplies from almost bankrupt Venezuela.
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After a meeting in Vienna, Emirati Energy Minister Suhail al-Mazrouei said the cartel chose to fully comply with its existing production ceiling. "This means that Saudi Arabia can increase its production by less than 100,000 bpd", Zanganeh told Argus Media.
Outside of OPEC's sphere of manageable influence, the United States shale oil industry remains the greatest threat to global supply/demand imbalances since its surge of over 5.6 mpb in production - or over 140 percent from the 2008 production levels of 3.97 mbpd, capturing a large market share and diminishing OPEC's ability to bully the market to its will.
Al-Falih went out of his way to give a detailed explanation of how the so-called OPEC+ deal will work, clarifying a vaguely worded agreement and contradictory statements from other ministers that spurred a rally in crude futures on Friday.
"As a group we can meet the 100 percent compliance".
Oil hit almost $80 per barrel last month, sending gasoline prices in the United States above $3 per gallon in many areas for the first time in years.
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Delusional or simply misguided by old ways, OPEC's target of the OECD's five-year average oil stock levels, which may have been reached, remains largely ignorant of the key issues surrounding the world's oil cartel and the factors behind its lost market share.
The move from the USA pinched India hard by sending pump prices to record highs and putting pressure on inflation, CAD (current account deficit) and government math by pushing up the oil import bill.
"I think there is a risk, a non-trivial risk, of oil prices really spiking in the next twelve months", he said.
Venezuela, in the throes of an economic crisis, is also opposed to easing the cartel's output curbs, as are several other countries, including Iraq and Nigeria, who would struggle to immediately increase production. This U.S. leader doesn't care about the disruption that the sanctions will cause to friends or foes alike. Crude prices in NY rose more than 3 percent to nearly $68 a barrel and rose about 2 percent in London to more than $74 a barrel.
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