OPEC members fail to agree on oil production ceiling

At its meeting in Vienna, OPEC members could not agree on an oil production, according to Reuters, after Iran said it would not consider any production curbs until Iran restores output scaled back for years under Western sanctions.

OPEC did not mention a new production ceiling in its final statement following the meeting, and Reuters noted that OPEC seems to be allowing member countries to continue pumping oil at current rates into the oversupplied market.

Iran plans to increase production by at least 1 million barrels per day when Western sanctions are lifted, and this output would contribute to the global oversupply. Reuters stated that the world is currently consuming up to 2 million bpd less than it is producing.

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