OPEC, Russia and its allies may consider a range of proposals to increase crude oil output which could be by as much as 1.8 million b/d, according to a source familiar with the matter.
* Raising output by 1.8 million b/d among proposals: source
* Putin, Saudi crown prince to meet Thursday ahead of World Cup opener
* Russian companies say output boosts can happen quickly
Russia will propose that participants in the OPEC/non-OPEC production cut deal be allowed a “proportional increase” in output to moderate oil prices and fill any supply, a source told S&P Global Platts. Such moves would still result in a net 1 million b/d supply cut as participants have actually lowered output by 2.8 million b/d, largely due to Venezuela’s involuntarily free-falling production, the source said. The production cut agreement, which went into force in January 2017, called for a 1.8 million b/d cut from October 2016 levels. Russia’s President Vladimir Putin is expected to discuss the deal with Saudi Arabia’s Crown Prince Mohammed bin Salman Thursday, ahead of the World Cup opening ceremony and match between the two countries.