Along with non-member Russian Federation, oil kingpin Saudi Arabia is pushing hard for OPECenergy ministers and allied countries to agree this week to ease a production cap that has more than doubled oil prices since 2016.
The Organization of the Petroleum Exporting Countries is meeting in Vienna together with non-OPEC oil producers to discuss output policy.
The price of oil jumped after the announcement, with the global benchmark, Brent, gaining 2.5 percent to $74.84 a barrel in London, and US crude climbing 4.9 percent to $68.72 a barrel in afternoon trading in NY - on track for its biggest one-day rise since OPEC agreed in November 2016 to cut production.
"We're hoping to come out of this with a reasonable decision", Saudi Energy Minister Khalid al-Falih told reporters moments before the OPEC meeting opened.
He said a recent rise in oil prices was mainly the fault of Washington, which imposed new sanctions on OPEC members Iran and Venezuela.
Iranian Oil Minister Bijan Zanganeh said on Thursday he still believes OPEC can not reach a compromise decision on raising oil output at its meeting the following day. Iran's output is also likely to fall in the second half of this year due to new United States sanctions. That reflects a one million barrel-a-day adjustment on paper to the production cuts implemented by the Organisation of Petroleum Exporting Countries and its allies, the delegate said, asking not to be named because the information is private. Iran will join a ministerial committee meeting on Thursday.
Yergin said Saudi Arabia and the United Arab Emirates support the current, tougher USA policy toward Iran, Saudi Arabia's rival for influence in the region, and so will want to support Trump's call for higher production and lower prices. Brent crude last month surged to a more than three-year high above $80 a barrel.
Many traders expect this discount to widen further should the flow of US oil to China slow, meaning that other producers would have to deal with high volumes of cheap American oil becoming available in other big markets, including Europe.
While Saudi Arabia is pushing to lift the cap, Iran would prefer to take advantage of high prices ahead of the imposition of USA sanctions in November.
But oil prices have found some support from global demand, which has been increasing strongly this year.
In the first three months of this year, USA crude made up around 5 percent of China's total crude imports, according to Chinese customs data.
"It will probably be around 600,000 or so", he said.
The only route to a production boost that Iran has publicly suggested - allowing the handful of countries that have voluntarily cut deeper than necessary to restore some output - would deliver far less extra oil to the market than the Saudi proposal.
By adding barrels to the market now, OPEC can stabilise or even increase inventories and ease shortages later in 2018/19.
"There were proposals but I don't think we can reach an agreement".
The problem for traders and ministers trying to estimate the price needed to rebalance the market is that consumption responds to price changes with a delay of six to 18 months.
He said that Mr Trump had contributed to the rise in prices by imposing sanctions on Iran and Venezuela, which will likely lead to lower exports.
Senegal's 2-1 victory against Poland saw the end of the first round of the group stages and we have seen a lot already. The forward trained with his team-mates in Sochi on Tuesday but hobbled away from the session after only 15 minutes.
White House staff said Trump's seat-of-the-pants changes on the day of the summit undercut their plans to roll out the agreement. The president also said returning a military salute to a North Korean three-star general was being respectful.
Trudeau's foreign minister responded by condemning "ad hominem attacks", and Germany and France criticised Trump's comments. Trudeau's office, in turn, said what the Canadian leader said on Saturday was nothing new .
Fans celebrate Mexico's win against Germany as they watched it on an outdoor screen in Mexico City's Zocalo on June 17. Attention now turns to England as they prepare for their opening World Cup fixture against Tunisia on Monday.
Morocco, on the other hand, promised a "European" World Cup in Africa, playing on the north African nation's proximity to Europe. Good news for New England soccer fans: The World Cup will more than likely be played at Gillette Stadium in 2026.
E3 2018 coverage at Giant Bomb : Still more commentary and news from E3, from our colleagues at Giant Bomb. It's not clear if this is really the full game, but it's still pretty remarkable that Bethesda did it.
As awareness about the need for a healthy lifestyle increases, youngsters as well as senior citizens are keen on following yoga. Modi said yoga presents a ray of hope for future of the world. "Yoga is not just a set of exercises that keeps the body fit".
Before attempting the carjackings, Tumwater Police said the suspect went into the Walmart and fired at a display case. When the suspect got outside, he tried to steal a auto , but the man who was inside resisted and was shot.
A former top aide to the committee has been charged with three counts of making false statements to federal authorities. Watkins is suspected of receiving information from Wolfe, who she was in a relationship with for three years.
Today, June 21, is summer solstice and in the United Kingdom , the exact time of the solstice is 11.07am. People enjoy an afternoon along the boardwalk at Coney Island on a hot day on June 14 in New York City.
Also, by letting North Korea dictate what the United States military does, Trump sends the USA down a slippery slope. South Korean Foreign Minister Kang said the issue of these military drills was not discussed in detail at the U.S.
The Taliban have announced a ceasefire in Afghanistan over the Eid al-Fitr holiday for the first time since 2001. On Thursday, Afghanistan President Ashraf Ghani offered a temporary ceasefire with the Taliban for Eid.
That should make it an easier day for Suarez, who has 51 worldwide goals and is Uruguay's all-time top scorer. Iran gave up only three goals, two in the last match after it had already qualified for the World Cup .
The two leaders met on Tuesday, signing a brief declaration on denuclearisation and reducing tensions. The statement made clear that Pyongyang was expecting USA concessions before any moves by the North.
He faces a maximum sentence of five years confinement, forfeiture of all pay and dishonourable discharge for his desertion. Hughes, now 66, was charged with desertion and is being held at Travis Air Force Base in California .
Louis and surrounding areas will have to deal with risky heat through the Father's Day weekend into early next week . Enfield Public Schools announced on Friday that due to the excessive heat on Monday , they are planning a half day.
ESPN's Adrian Wojnarowski added his voice to the James situation and specifically the possibility of him with the Lakers. The Los Angeles Lakers had a formidable starting frontcourt last season with Julius Randle and Brook Lopez.
Chelsea and Villarreal are reportedly set to go head-to-head in the race to sign Napoli centre-back Raul Albiol . Chelsea have agreed compensation terms with manager Antonio Conte and his backroom staff.
Furthermore, President Donald Trump has said that some criminals are using children to try to cross the border with impunity. A bipartisan group of 75 former USA attorneys are also calling on Sessions to put an end to the practice.
Lionel Messi missed a penalty as his side were surprisingly held by debutants Iceland in their opening Group D game on Saturday. He shot 10 times last night [against Iceland], but we must stop his attacks by compactness.
The match was pretty much all Brazil from the beginning, but outside of its lone goal, the ball just didn't want to go in. Philippe Coutinho gave Brazil the lead in the 20th minute with a volley that bounced in off the right post.
Democrats fired back, with top House Democrat Nancy Pelosi calling the Republican proposal "simply unworthy of America". DHS said between April 19 and May 31, there were 1,995 children separated from 1,940 adults at the southwest border.
The statement said: "We have not, and will not, agree to the House of Commons binding the government's hands in the negotiations". Anti-Brexit MPs had argued that removing the no-deal outcome was necessary for the vote to be a meaningful one.
Kathleen Wynne , the leader of the Ontario Liberal Party and the first openly gay premier in Canada, will step down from her post. People are exhausted and resources are thin following the campaign, he said, and the party would do better to bide its time.