A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin
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OPEC is discussing a relatively modest production increase before its meeting in Vienna this week, an attempt to bridge the gap between Russia's push for a big rise and Iran's insistence that no change is needed.Members of the Organization of Petroleum Exporting Countries are discussing an agreement that delivers 300,000 to 600,000 barrels a day of additional oil supply to global markets over the next few months, according to people briefed on the talks. If agreed, that would be smaller than the 1.5 million barrel-a-day quota increase that Russia proposed.The increase of 300,000 to 600,000 barrels a day – above the current OPEC+ production of about 32 million barrels a day – is a less theoretical number.Some OPEC members back increasing output by the lower end of the 300,000 to 600,000 barrel a day range, one of the people said.
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