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.
Tehran has vowed to "defeat" attempts to curb its oil revenues by allowing private companies to export it. Iran also reminded Saudi Arabia that it was bound to an OPEC agreement to only boost exports collectively.
The EU foreign affairs minister encouraged companies to ignore US President Donald Trump's threats on doing business with Iran. She said it's up to Europeans to decide who they trade with.
Kuwait is to increase its output as part of a broader agreement by OPEC countries and Russia to boost oil production. The move comes amid international price sensitivity, especially ahead of US elections.
OPEC will increase oil production in a move its main proponent, Saudi Arabia, said will lower global prices. Opponents said it was an opportunistic attempt to capitalize on problems in Riyadh rival, Iran.
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