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Upon arriving at his Vienna hotel, Iran's oil minister said his country wouldn't back down, and lashed out at Trump for trying to politicise OPEC.

Some OPEC members have been opposed to a production increase, and others don't want to go as far as Saudi Arabia.

De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russian Federation, which is not a member of the cartel but the world's biggest oil producer, are pushing for looser supply controls, which were introduced in 2017 to prop up prices.

Iraqi Oil Minister Jabar al-Luaibi said on Wednesday he hoped there would be agreement when OPEC meets but added: "The oil market has not reached the level of stabilization".

Keeping with the narrative that OPEC is working toward market stability, Mohamed Al Mazrouei, the UAE oil minister and president of the OPEC Conference, said that the organization is motivated by boosting prices to stimulate investment over the long term, as more than $10 trillion is needed to increase supply to meet global demand growth.

He said now high oil prices dent the economic development of many countries.

At stake is the fate of an 18-month-old supply-cut deal between members of the Organization of the Petroleum Exporting Countries and allied countries that has cleared a global oil glut and lifted crude prices. Oil prices rose by $1.85 to $74.90 a barrel. But some cartel members will struggle to increase their output.

The new deal would effectively roll back the deeper-than-intended cuts from nations such as Venezuela, returning the curbs to the level originally agreed in 2016, the delegate said. "We are in for higher prices for longer", he said.

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Global oil supplies were already getting tight before President Donald Trump vowed to exit the Iran nuclear deal and impose "powerful" sanctions on the OPEC nation. Iran's output is also anticipated drop when Trump's sanctions come into effect later this year.

That reflects a one million barrel-a-day adjustment on paper to the production cuts implemented by the Organisation of Petroleum Exporting Countries and its allies, the delegate said, asking not to be named because the information is private.

In 2006-2008 and again in 2011-2014, surging oil prices resulted in a sharp slowdown in consumption growth in the advanced economies, though at the time many analysts dismissed signs of a slowdown.

He said that the world could face a supply deficit of up to 1.8 million barrels a day in the second half of the year, and maintained that it is OPEC's responsibility to address that imbalance.

Ecuador said OPEC and its allies could agree to a compromise increase in output of around 0.5-0.6 million bpd.

How that translates into effective production increases is uncertain, as some OPEC countries can not easily ramp up production.

Yergin said Saudi Arabia and the United Arab Emirates support the current, tougher US policy toward Iran, Saudi Arabia's rival for influence in the region.

"This is not going to be a decision just based on market analysis and supply and demand", said Daniel Yergin, the vice chairman of research firm IHS Markit and author of several books on the energy industry.