Oil prices dip as Iran signals support for small OPEC supply increase

Oil bumps up on US inventories decline, WTI pokes back into $65

But in practice it would mean a boost of less than a 10th of that amount, effectively from Saudi Arabia.

If all Opec members produced as much as they were allowed under the deal, Opec output would in theory rise by about 740,000 barrels per day, based on Reuters estimates of the group's production in May.

This could reallocate production from members under-producing their quotas to those that can pump more - namely Saudi Arabia, Kuwait and the United Arab Emirates. India's trade deficit in May widened to $14.62 billion, the highest in four months, driven mainly by a 50 per cent surge in the country's oil import bill. Russian Federation is pushing for an even larger quota increase of 1.5 million barrels a day.

Iran has signaled that it would oppose any Saudi move to fill other producers' supply gaps.

Iran, with some support from Venezuela, has so far rejected any increase, including one compromise mooted in private by some OPEC officials for a 300,000-to-600,000 barrel-a-day hike in the second half of the year.

So, a larger increase agreed by Opec would require a new set of output targets.

Benchmark Brent crude fell US$1.76 a barrel, or more than 2 percent, to a low of US$72.98 before recovering slightly to US$73.34, down US$1.40, by 0945 GMT.

Immigration bill "not ready for primetime" Rep. Mark Meadows says
Between May 5 and June 9, more than 2,300 children were separated from their families at the United States' border with Mexico . Bush pursued a policy of separating children from their parents for illegal border crossings.

Trump's involvement makes it hard for Tehran to accept a compromise.

Also supporting prices was a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank.

"OPEC is an independent organization, not an organization to receive instruction from President Trump", Zanganeh said on Tuesday.

"There is a lot more at stake than just ticking a box and say: 'we got this out of the way", the minister said, nothing that "timing isn't critical for the government of Saudi Arabia".

If the existing deal were retained and the Saudis felt a need to add more oil, Riyadh could increase output unilaterally, as it did after a meeting in June 2011 ended with no decision.

"It would be nice if we can do it in 2019", al-Falih said at an OPEC conference in Vienna today, Bloomberg reports. "They pay attention to consumer nations".

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