Iran and Venezuela lead calls for cuts in production within Opec

Pressure is increasing on Opec to announce a further cut in oil supplies when the cartel meets in Vienna on Sunday, but Saudi Arabia is likely to argue for more compliance with existing cuts before it agrees to further reductions in output.

Expectation that a further cut was imminent sent the oil futures markets higher yesterday, with the price of US light crude trading more than $3 higher at $48.83 before falling back.
LondonTimes