Iran to Saudi Arabia: OPEC's decision does not give members right to pump oil above target | Reuters

Iran to Saudi Arabia: OPEC's decision does not give members right to pump oil above target | Reuters:

Iran’s Oil Minister Bijan Zanganeh told his Saudi Arabian counterpart that last month’s OPEC decision does not give member countries the right to raise production above their targets, according to a letter reported by news agency Shana. 

OPEC agreed with Russia and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.

“Member countries committed themselves to reach a production adjustment conformity level of 100 percent, as of July 1, 2018,” Zanganeh wrote in a letter sent to Saudi Energy Minister Khalid al-Falih, according to Shana.