OPEC and allies struggle to pump more oil as Iran supply falls
ALGIERS - OPEC and its allies reduced oil output in August as a drop in Iranian supply due to US sanctions derailed their attempts to raise production to agreed levels, delegates said on Saturday as the energy producers prepared to hold talks in Algiers.
The development further raises pressure on the Organization of the Petroleum Exporting Countries to boost supply amid calls from US President Donald Trump to lower oil prices.
On Friday, a source familiar with the discussions told Reuters OPEC and its allies led by Russia were considering the possibility of raising crude supplies by a further 500,000 barrels per day (bpd) as US sanctions on OPEC's third-largest producer, Iran, bite into Tehran's exports.
"If an increase in production is proposed there will be plenty of market counter-argument that it reduces even further the available spare capacity," Olivier Jakob from consultancy Petromatrix said.
