Mubasher: Members of the Organization of Petroleum Exporting Countries (OPEC) are in talks over stepping up production by 300,000 to 600,000 barrels per day (bpd) over the coming few months, reports showed on Monday.

While Iran expressed, on Sunday, its opposition to any increase to the current supply, a number of officials were positive about a possible agreement on a relatively modest hike at this week’s meeting in Vienna, people briefed on the talks told Bloomberg.

Moreover, OPEC officials are working on a permanent cooperation between the organisation, Russia, and other oil producers, a move that would mark a diplomatic breakthrough for Riyadh and Moscow after two years of cooperation on the oil production policy.

As the meeting between OPEC and non-OPEC producers approaches, several countries have floated plans for supply increases with no consensus on the amount.

While Russia said that the total amount should be as much 1.5 million bpd, having fallen under the pressure from domestic oil firms keen to develop new fields, some OPEC members have expressed support over boosting production in the lower end of the 300,000 to 600,000 bpd range, a source told Bloomberg.

By 1:18 pm GMT, Brent crude rose 1.13% to $74.27 per barrel (pb), while US Nymex crude futures went up 0.28% to $65.24 pb.