OPEC, non-OPEC states study new oil output boost as Iranian supply falls: source

By Rania El Gamal and Ahmad Ghaddar ALGIERS (Reuters) - OPEC and non-OPEC countries are discussing the possibility of raising output by 500,000 barrels per day to counter falling supply from Iran due to U.S. sanctions, a source familiar with the discussions told Reuters. The Organization of the Petroleum Exporting Countries, Russia and other allies agreed a deal in late 2016 to cut supply but after months of cutting by more than what the pact called for, they agreed in June to boost output by returning to 100 percent compliance.

Reuters September 22, 2018 00:05:07 IST
OPEC, non-OPEC states study new oil output boost as Iranian supply falls: source

OPEC nonOPEC states study new oil output boost as Iranian supply falls source

By Rania El Gamal and Ahmad Ghaddar

ALGIERS (Reuters) - OPEC and non-OPEC countries are discussing the possibility of raising output by 500,000 barrels per day to counter falling supply from Iran due to U.S. sanctions, a source familiar with the discussions told Reuters.

The Organization of the Petroleum Exporting Countries, Russia and other allies agreed a deal in late 2016 to cut supply but after months of cutting by more than what the pact called for, they agreed in June to boost output by returning to 100 percent compliance. That equals roughly to an increase of 1 million bpd.

The current discussions are not finalised yet, but it would mean that oil producers would need to lower compliance to below 100 percent, the source said on Friday.

OPEC and its non-OPEC allies will gather in Algeria over the weekend to review compliance with existing production cuts.

Three OPEC and non-OPEC sources told Reuters on Friday latest data has shown that OPEC and its allies supplied less oil in August to world markets than they did in July mainly because of a drop in Iranian production.

(Reporting by Rania El Gamal and Ahmad Ghaddar; writing by Dmitry Zhdannikov; editing by Emelia Sithole-Matarise)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Greek police clash with protesters in rally against mandatory vaccinations
World

Greek police clash with protesters in rally against mandatory vaccinations

ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.

Two Turkish soldiers killed in attack in northern Syria
World

Two Turkish soldiers killed in attack in northern Syria

ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.

Brazilians take to streets again to demand Bolsonaro's impeachment
World

Brazilians take to streets again to demand Bolsonaro's impeachment

By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied