Tehran is throwing its weight behind a plan to cap output and says it will do everything it can to stabilize the price of crude. But there's no word on whether Iran will freeze its production at January levels.
Saudi King Salman is in Moscow with a delegation that includes domestic military and oil experts. It is the first-ever visit by a sitting Saudi monarch to Russia.
The cartel pumped more oil in July, boosting global supplies for the third month and casting doubt on OPEC's pledge to reduce production. But the IEA industry group hopes growing demand will take up the slack.
The International Energy Agency (IEA) has said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some OPEC exporters.
The International Energy Agency (IEA) has warned the global oil market might remain oversupplied for a long time, should OPEC not live up to its recent pledge to cut supply. Mixed signals are coming from Russia.
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