Is Opec about to turn on the taps? The cartel that pumps a third of the world’s oil meets in Vienna this week with Russia and other major producers set to decide whether to increase production.
A production ceiling of 1.8 million barrels per day has been central to the recovery in oil prices over the past year and a half.
In the run-up to the meeting, the oil price has been volatile. President Trump has called on the cartel to increase output, with America said to be privately pushing for a 1 million barrel per day increase amid concerns over high fuel prices but Opec members appear divided.
Saudi Arabia, the cartel’s biggest producer, and Russia, the world’s biggest producer, are said to support