OPEC Seeks Last-Minute Compromise as Iran Opposes Supply Boost
- OPEC+ panel recommends raising supply by nominal 1 million b/d
- Actual boost to be smaller as some nations unable to pump more
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OPEC meets in Vienna on Friday in a final effort to overcome Iranian opposition to a preliminary agreement to boost production by a theoretical 1 million barrels a day -- although the actual increase would be smaller as several countries are unable to raise output.
Following night of drama in Vienna on Thursday, the Joint Ministerial Monitoring Committee, which includes Russia and Saudi Arabia, recommended a supply boost despite Bijan Namdar Zanganeh, the Iranian oil minister, walking out of the meeting and predicting OPEC won’t convince him to back an increase. He met with his Saudi counterpart for private talks on Friday morning before the full OPEC meeting, said one delegate.