Iran Says OPEC May Need Extraordinary Meeting

Iran’s oil minister said OPEC may need to hold an extraordinary meeting should the organization of oil producers fail to prevent member countries from adjusting their crude production without approval, the Shana news agency reported on Aug. 8.

After months of underproduction, OPEC agreed with Russia and other oil-producing allies to raise output from July by returning to 100% compliance with previously decided cuts. That would mean an output increase of roughly 1 million barrels per day.

Minister Bijan Zanganeh sent a “letter of complaint” to his United Arab Emirates (UAE) counterpart after noticing that some OPEC members were trying to adjust output, the Iranian agency said.