OPEC appeared to be on the brink of raising oil supply on Friday, after de-facto leader Saudi Arabia looked to have convinced arch-rival Iran to cooperate over production policy.
Energy 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.
OPEC kingpin Saudi Arabia and non-member Russia have urged major suppliers to ramp up production by about 1 million barrels per day (bpd) after 18 months of tight output controls. The proposal had become a near-consensus among the 14-member group and its allied partners, but Iran has so far been the main barrier to an agreement.
The prospect of the gathering ending without a deal remained a possibility just hours before a final decision is due to be made, with the start of the OPEC meeting having to be pushed back because of last-minute talks between Saudi Arabia and Iran.