OPEC, allies struggle to fully deliver pledged oil output: report

20/10/2018 Argaam

 

The Organization of the Petroleum Exporting Countries (OPEC) and allies are struggling to boost output as agreed in June, as an increase in Saudi Arabia’s production was offset by declines in Iran, Venezuela and Angola, an internal document seen by Reuters showed.

 

U.S. President Donald Trump urged producers to offset losses caused by sanctions on Iran and to dampen rising prices.

 

The internal OPEC document prepared for a technical panel meeting on Friday showed that OPEC members – excluding Nigeria, Libya and Congo – pumped an extra 428,000 barrels per day (bpd) in September compared to May.

 

The non-OPEC nations cooperating with OPEC pumped an extra 296,000 bpd since May, the OPEC document showed.

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