The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers are seeking a compromise as Saudi Arabia and Russia are pushing the oil cartel and its allies to boost oil output despite opposition from several members of the producer group including Iran.

Moscow is eager to benefit from the high oil prices and, along with Riyadh, is arguing that raising production will meet growing demand and cover supply shortfalls in Libya and Venezuela.

“I think it’s fair to say that Rus...


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