OIL PRICE: NEAR $76

REUTERS - Oil prices were largely steady on Friday, while Saudi Arabia and Russia, architects of a producer deal to cut output, indicated ahead of a key OPEC meeting in Vienna next week that production could rise.

Brent crude LCOc1 had edged up 3 cents to $75.97 a barrel by 0658 GMT, after settling down 80 cents the session before.

U.S. West Texas Intermediate crude CLc1 was up 5 cents at $66.94 a barrel, having settled the last session up 25 cents. It touched a two-week high of $67.16 on Thursday.

Brent and WTI hit 3-1/2-year highs in May, but have since drifted lower as U.S. crude production rises and as the Organization of the Petroleum Exporting Countries, Russia and other allies look poised to increase output in their meeting in the Austrian capital on June 22-23.

Russian Energy Minister Alexander Novak said on Thursday after talks with Saudi Energy Minister Khalid al-Falih in Moscow that both nations "in principle" supported the gradual exit from the deal.

"We in general support this ... but specifics we will discuss with the ministers in a week," Novak said, adding that one option would involve gradually hiking output by 1.5 million bpd, possibly starting from July 1.

Saudi Arabia's Falih did not offer specific guidance on what any deal in Vienna could look like. But he said: "We will see where we go, but I think we'll come to an agreement that satisfies, most importantly, the market."

Many analysts expect a rise in output from the meeting.

"The shape of the deal is far from certain yet given the Russians seem to want a more aggressive wind back than most of OPEC," Greg McKenna, chief market strategist at futures brokerage AxiTrader, said in a note.

"My guess is the increase will be something less than the 1 million bpd (barrels per day) that the U.S. is supposed to have asked the Saudis for."

Saudi Crown Prince Mohammed bin Salman told Russian President Vladimir Putin on Thursday that Saudi Arabia wants to continue cooperation with Russia on global oil markets.

Meanwhile, oil got some support after attacks shut major Libyan oil ports on Thursday, slashing production by 240,000 barrels per day.

South Korea's Iranian crude oil imports fell in May to their lowest since January, 2016 as South Korean buyers sought to reduce purchases of Iranian oil amid new U.S. sanctions on Iran.

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Earlier: 

2018, June, 13, 13:40:00 OIL PRICE: ABOVE $75 ANEW REUTERS - Brent crude LCOc1 was down 30 cents at $75.58 a barrel by 1000 GMT. U.S. light crude CLc1 was 15 cents lower at $66.21.

2018, June, 13, 13:20:00 RUSSIA'S OIL PRODUCTION: 11 MBD BLOOMBERG - The nation boosted crude supply to the highest in 14 months in the first week of June as some companies breached their caps, said a person with knowledge of the matter. While both the Kremlin and oil bosses remain publicly committed to the accord, production of 11.09 million barrels a day exceeds the 10.95 million limit agreed with OPEC, the official said.

2018, June, 13, 13:15:00 SAUDIS OIL PRODUCTION: 10 MBD BLOOMBERG - Saudi Arabia, which along with Russia is trying to garner support for lifting output limits, told the Organization of Petroleum Exporting Countries that its daily production rose 162,000 barrels a day to 10.030 million in May compared with the previous month, a person with knowledge of the data said, asking not to be identified because the information isn’t public.

2018, June, 8, 13:35:00 OIL PRICE: NEARLY $77 REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $76.79 per barrel at 0654 GMT, down 53 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 38 cents, or 0.6 percent, at $65.57 a barrel.

2018, June, 8, 13:20:00 OPEC: WORLD OIL DEMAND UP, PRODUCTION DOWN OPEC - World oil demand averaged 97.20 mb/d in 2017, up by 1.7 per cent y-o-y, with the largest increases taking place in Asia and Pacific region (particularly China and India), Europe and North America. The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row.

2018, June, 8, 12:55:00 VENEZUELA IRAN SANCTIONS BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

2018, June, 6, 12:25:00 OIL PRICE: NEARLY $76 REUTERS - Brent crude LCOc1 rose 78 cents to $76.16 a barrel by 0645 GMT after dropping to its lowest since May 8 on Tuesday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents at $65.85 a barrel, having touched a near two-month low on Tuesday.