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        OPEC plans to increase production reduction


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OPEC will hold a policy meeting in Vienna on Thursday, followed by a meeting with Russia and other countries on Friday.
OPEC + has been controlling oil production since 2017 in response to a surge in US production, which has become the world's largest producer.
Next year, rising oil production in non OPEC countries such as Brazil and Norway could exacerbate the oversupply.
OPEC's past production cuts have angered US President trump, who has repeatedly asked Saudi Arabia, OPEC's de facto leader, to reduce oil prices if Saudi Arabia wants us military support to Saudi Arabia against its main rival, Iran.
Trump has barely talked about OPEC in the past few months, but if oil and gasoline prices rise, that could change later in 2020. Rising oil and gasoline prices are a politically sensitive issue in the United States. Trump will seek re-election in November.
The ongoing trade dispute between the United States and China has clouded the economy and the outlook for oil demand in 2020.
Iraq, OPEC's second-largest oil producer, said on Tuesday that Saudi Arabia supports OPEC + to increase its production reduction efforts, from the current production reduction of 1.2 million barrels per day to 1.6 million barrels, equivalent to 1.6% of global demand.
"My understanding is that they [Saudi Arabia] do [want to do it]," Iraqi oil minister Karban told reporters in Vienna.
On Wednesday, cabain said he would support at least extending the existing production reduction plan from March to the end of next year: "we must send a positive signal to the market, at least for me, that we should extend the current agreement."


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