The Organization of Petroleum Exporting Countries is meeting on Wednesday to hammer out an agreement aimed at propping up falling oil prices. Oil producing nations like Iraq are in desperate need of more revenue.
Two of the world's largest oil producers see a consensus emerging between OPEC and non-OPEC states for long-term cooperation on stabilizing oil prices, including the extension of output cuts expiring at the end of 2018.
Kuwait is to increase its output as part of a broader agreement by OPEC countries and Russia to boost oil production. The move comes amid international price sensitivity, especially ahead of US elections.
Global oil prices fell after the US-led airstrikes in Syria at the weekend, having spiked last week on fears Middle East tensions might escalate. Eyes now turn to how Syria's key sponsors, Russia and Iran, react.
OPEC will increase oil production in a move its main proponent, Saudi Arabia, said will lower global prices. Opponents said it was an opportunistic attempt to capitalize on problems in Riyadh rival, Iran.
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