Pressure Mounts As OPEC Meeting Approaches

OPEC and its allies are unlikely to agree to an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices ahead of new U.S. sanctions on Iran, OPEC sources said. OPEC kingpin Saudi Arabia is worried that any sanctions-related spike in oil prices will trigger fresh criticism from U.S. President Donald Trump but is concerned about a lack of spare oil capacity to offset shortages, the sources said. The kingdom is caught between a rock and a hard place, seeking to prevent prices from rising far above $80 per barrel ahead of U.S. congressional elections while fending off doubts over its ability to compensate for a drop in Iranian supply.

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