Russia said on Wednesday it was prepared to push oil production to historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.
Venezuela predicted prices could crash in the next few weeks if producers failed to resume dialogue and urged that non-OPEC participants be observers at a June OPEC meeting, as the specter of oversupply loomed once more after Riyadh said it would not sign the oil output freeze deal unless Iran took part.
Saudi Arabia said it could jack up output instead - by as much as 2 million barrels a day to over 12 million, which would allow it to overtake Russia as the world's largest producer.
Russian Energy Minister Alexander Novak said Russia was "in theory" able to raise production to 12 million or even 13 million bpd from current record levels of close to 11 million bdp per day.
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