OPEC got closer to clinching a deal to supply the world with more oil on Thursday after Saudi Arabia proposed the 14-member oil cartel and its allies increase production by a combined 1 million barrels per day.
Oil ministers have been laying the groundwork all week for Friday's biannual meeting in Vienna, Austria, where OPEC is expected to ease supply constraints that have been in place since January 2017.
However, the prospect of the meeting ending without an agreement remained a possibility, as Iran's oil minister said late Thursday night that he did not believe OPEC could reach consensus on a path forward.
The day began with a warning from Saudi Energy Minister Khalid al-Falih that the world is likely to face a large deficit of oil in the second half of 2018. As a result, OPEC needs to substantially raise output to prevent a market squeeze, he said.
"We will release supply … One million (bpd) sounds like a good target to work with," Falih told reporters.