OPEC and allied oil producers including Russia ended their meeting on Sunday with no formal recommendation for any additional supply boost. Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy and Kuwaiti counterpart Bakhit al-Rashidi told reporters that producers had agreed they needed to focus on reaching 100 percent compliance with production cuts agreed at an OPEC meeting in June.
That effectively means compensating for falling Iranian production. Al-Rumhy said the exact mechanism for doing so had not been discussed. Reuters
Pix: OPEC headquarters, Geneva