Iran And Saudi Arabia Are Boosting Oil Output Ahead Of OPEC Discussions To Cap Output

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RT: Iran & Saudi Arabia boost output ahead of freeze talks

Oil producers in Iran and Saudi Arabia are increasing production just before negotiations on capping output are about to begin.

Last month, the two countries increased oil output by more than any other OPEC member, according to the organization's latest data.

OPEC producers are currently pumping nearly 33.2 million barrels per day. July production set an all-time high for the cartel.

Largely due to global oversupply, crude prices have fallen from a 2014 high of $114 per barrel to the current price of $45-$50.

The world's largest oil producers led by Russia are planning to negotiate an output freeze with OPEC during an informal meeting in Algeria at the end of September.

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WNU Editor: This is a no win situation for OPEC. You can limit production to raise prices .... but once this happens more rigs start showing up in the U.S. and elsewhere to boost production .... thereby driving the price down again.

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