June 14, 2018 / 7:11 AM / 8 months ago

Barclays expects OPEC to raise oil output at June meeting

A man fixes a sign with OPEC's logo next to its headquarter's entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017. REUTERS/Heinz-Peter Bader

(Reuters) - Barclays on Thursday said the Organisation of the Petroleum Exporting Countries and its allies are likely to agree to marginally increase oil output when they meet in Vienna next week.

The producer cartel, together with Russia, will gather in the Austrian capital on June 22 to discuss production policy. They started output cuts in 2017 to prop up prices that had been dragged down by a supply glut.

The British investment bank expects OPEC crude supplies, excluding Venezuela and Iran, to increase by 700,000 to 800,000 barrels per day.

However, Barclays does not expect the outcome of the meeting to impact its Brent oil LCOc1 price projections of $70 per barrel for 2018 and $65 per barrel for next year.

Reporting by Swati Verma in Bengaluru; Editing by Joseph Radford

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