The Organization of the Petroleum Exporting Countries agreed in principle on Friday to raise output enough to match a production target it introduced at the beginning of 2017, but which it has undershot ever since. Based on compliance in May, only Saudi Arabia has any real scope to add barrels and this would be to the tune of just 60,000 barrels per day, far less than it has said the market requires. OPEC will need to find a way to allow producers with spare capacity like Saudi to compensate for countries like Venezuela that do not, something Iran, for example, has opposed. For graphic on who can and who can’t raise crude output within OPEC click reut.rs/2M8auJY The group […]