Brent crude traded near $75 a barrel as friction endures between Saudi Arabia and Iran over whether OPEC should agree to pump more oil when the group meets Friday. Futures in London earlier rose as much as 1 percent before slipping to trade little changed. Saudi Arabia, OPEC’s largest producer, and Iran, its third-largest, are on a collision course over the future of output cuts, which have been in place since the start of 2017 and are currently set to run through the end of the year. Saudi Arabia wants to boost production, while Iran doesn’t. “Of course we will have an agreement,” Saudi Energy Minister Khalid Al-Falih told reporters in Vienna, after his Iranian counterpart said he didn’t expect such an outcome.
Source: FuelFix
