Iran, Iraq and Venezuela complicate OPEC oil output boost - sources

Iran, Iraq and Venezuela complicate OPEC oil output boost - sources

Iran, Venezuela and Iraq disagree with Saudi Arabia and Russia on the need to pump more oil, OPEC sources said, complicating any official decision to boost supply just as consuming nations are warning of a shortage.

In attempt to bridge differences, OPEC and its allies are looking at a number of options around pumping more oil, including a token increase and delaying the start of any production boost, OPEC delegates say.

Those against an increase this time are concerned it would threaten the unity of the 24-nation alliance involved in the deal and say forecasts from OPEC and others calling for higher demand in the second half of 2018 are too optimistic.

"Changing the decision is very complicated. Iran, Iraq and Venezuela and some more countries are going to push for keeping the ceiling for OPEC in place until the end of 2018," Reuters cited an OPEC source as saying. The source did not say which other countries oppose pumping more.

Another source thought a supply boost will be agreed eventually, but a modest one.

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