OPEC sources: Iran, Algeria and Venezuela oppose immediate oil output rise - Reuters

Reuters quoted two OPEC sources, as saying that Iran, Algeria and Venezuela oppose immediate oil output rise.

On Monday, Bloomberg reported that the Organization of the Petroleum Exporting Countries’ (OPEC) is said to discuss an oil output hike of 300k to 600k barrels per day (bpd).

Separately, three OPEC sources were quoted by Reuters, as saying that the OPEC technical panel believes the market could absorb extra production due to strong demand.

Additional comments:

The OPEC technical panel sees strong oil demand in 2H 2018.

Suggests that market could absorb extra production.