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OPEC to increase output by 500,000 barrels
The Organization of the Petroleum Exporting Countries (OPEC) has said it is considering a new increase in oil production of 500 thousand barrels per day to compensate for the decline in supplies of Iran because of US sanctions.
OPEC and its allies are scheduled to meet in Algeria on Sunday to review compliance with existing production cuts.
Twenty-four countries, including Saudi Arabia and Russia, have confirmed their participation in the meeting, and 10 energy ministers will formally participate in the meeting.
OPEC and its allies pumped less oil in August to world markets than their July production due to a fall in Iranian exports, according to three sources at OPEC and outside the organization.
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