OPEC, Non-OPEC Countries Study New Oil Output Boost

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

OPEC, 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 bbl/d.

The current discussions are not finalized yet, but it would mean that oil producers would need to lower compliance to below 100%, the source said Sept. 21.