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OPEC could raise output by 2018

OPEC could raise output by 2018

Mubasher: The Organization of the Petroleum Exporting Countries (OPEC) could decide to raise oil output next month as political risks and tensions are expected to highly affect the production of both Iran and Venezuela.

A decline in oil supply could lead to an unwanted surge in oil prices, as reported by Reuters citing sources in OPEC.

The Arabian Gulf countries are leading the initial talks on when the exporting group can boost oil production to cool the oil market after crude rose above $80 a barrel last week, for the first time since November 2014.

The Saudi minister of Energy, Khalid Al-Falih will meet his counterparts from Russia and the UAE this week to discuss production policies.