OPEC sources also said Iran had demanded that US sanctions be mentioned in the group's post-meeting communiqué.
On Thursday evening, a deal looked to be slipping away after Iranian Oil Minister Bijan Namdar Zanganeh walked out of a meeting with fellow ministers, predicting nobody could persuade him to back an increase. "As individual countries, it is challenging", said United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui.
Saudi Arabia's minister of energy, Khalid Al-Falih, said after Saturday's meeting that the exact allocation for each country would depend among other things on their production capacities.
They endorsed an extra 1 million barrels a day, said Ecuador's Minister of Hydrocarbons Carlos Perez. The ongoing economic turmoil in Venezuela, accompanied by a steady decline in its oil production, is weighing on OPEC's ability to coordinate its overall production.
We have come a long way since December 2016 when an alliance of OPEC and 10 non-OPEC countries - commonly known as OPEC+ - entered into an agreement to reduce their production by 1.8 million barrels of oil per day (bpd), with OPEC responsible for 1.2 million bpd worth of cuts. "They can not go and say Venezuela has 500,000bpd on the table and there is no cat to eat this meat, I'm the cat and I will jump on it", Kazempour said.
Al-Falih's assurances - backed up by Novak - follow pressure from U.S. President Donald Trump's anti-OPEC tweeting, as well as more conventional lobbying by major oil buyers.
August WTI Crude Oil settled at $68.58, up $3.73 or +5.75% and September Brent Crude Oil finished the week at $75.32, up $2.24 or +3.07%. It would be troubling if that jump in prices became a trend, the minister said, adding that producers with spare capacity, such as Saudi Arabia, can fill any gap left by falling production elsewhere. "Need to keep prices down!"More news: Brazil beats Costa Rica in tense encounter
Bloomberg referenced a similar number, noting that the deal could add about 700,000 barrels of daily supply from OPEC and non-OPEC producers.
"But this does not mean that Venezuela's production should be produced by some other. We believe they are considering it", Khalid Al-Falih said at a press conference. "I can assure that the entire membership of OPEC would welcome Russian Federation". This occurred in 2014 as Saudi Arabia sought to reduce the threat from U.S. shale oil, and ultimately limits OPEC's ability to influence crude oil prices.
It would seem that all 11 OPEC member states will make a best effort to increase their collective output on a pro rata basis to bring down the "over-compliance" to the 2016 Vienna output cuts to 100%. Furthermore, OPEC is not expected to actually release a hard target, but many traders expect the real figure to remain well-below the 1.8 million barrels already being removed from the market.
OPEC and allies' commitment to the agreement led to an increase in the prices over the past two years.
Perry will meet Novak on Tuesday, in the context of the World Gas Conference that is being held in Washington, the source said.
The announcement was made on Saturday during the 4th OPEC and non-OPEC ministerial meeting in Vienna.
Additionally, in a sign of strong demand, US refineries processed a seasonal record of 17.7 million barrels per day (bpd) of crude oil last week, according to the EIA.