Iran’s oil minister told his Saudi Arabian counterpart that last month’s OPEC supply pact does not give member countries the right to raise oil production above their targets, according to a letter reported by Iran’s news agency Shana. The Organization of the Petroleum Exporting Countries agreed with Russia and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers. “Member countries committed themselves to reach a production adjustment conformity level of 100 percent, as of July 1, 2018,” Bijan Zanganeh wrote in a letter sent to Saudi Energy Minister Khalid al-Falih, according to Shana. “However, the aforesaid decision neither warrants member countries the right to exceed their […]