OPEC and allies struggle to pump more oil as Iran supply falls

OPEC and allies struggle to pump more oil as Iran supply fallsThe development further raises pressure on the Organization of the Petroleum Exporting Countries to boost supply amid calls from U.S. 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 U.S. sanctions on OPEC’s third-largest producer, Iran, bite into Tehran’s exports. As a result, the strength of oil prices is now putting oil demand growth at risk,” he added.

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