Exclusive: OPEC and allies consider oil output boost as Iranian supply falls - source | Reuters:
OPEC and other oil producers are discussing the possibility of raising output by 500,000 barrels per day (bpd) to counter falling supply from Iran because of U.S. sanctions, a source familiar with the discussions told Reuters.
The development comes as oil reached $80 a barrel this month, prompting U.S. President Donald Trump to call again on the Organization of the Petroleum Exporting Countries (OPEC) to help to bring down prices.
OPEC, Russia and other allies agreed a deal in late 2016 to cut supply, but after months of cutting by more than the pact had called for, they agreed in June to boost output by returning to 100 percent compliance. That equates to an increase of about 1 million bpd.
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