Two persons pass the logo of the Organization of the Petroleoum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger
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With less than 24 hours to go before a pivotal meeting, Saudi Arabia urged OPEC to help consumers by boosting oil supply as opposition from archrival Iran showed signs of wavering.Saudi Arabia and Russia's desire to roll back production cuts has encountered fierce opposition from Iran and Venezuela, while U.S. President Donald Trump has lobbed the occasional rhetorical bomb at the cartel on behalf of consumers.Iran has edged away from a threat to veto any agreement that would raise output, while Saudi Arabia has put forward a plan that would add 600,000 barrels a day – about 0.5 percent of global supply – smaller than the 1.5 million increase Russia proposed.Oil prices fell after Falih's comments, with benchmark Brent crude losing as much as 2.4 percent to $72.94 a barrel in London.In reality, because many countries that have cut the deepest can't increase production, that would probably translate to just 600,000 barrels a day of crude flowing back on to the market.
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