September 23, 2018 / 12:08 PM / 3 months ago

OPEC, allies end meeting with no pledge to boost supply

FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) at OPEC's headquarters in Vienna, Austria, June 19, 2018. REUTERS/Leonhard Foeger/File Photo

ALGIERS (Reuters) - OPEC and allied oil producers including Russia ended their meeting on Sunday with no formal recommendation for any additional supply boost.

Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy and Kuwaiti counterpart Bakhit al-Rashidi told reporters that producers had agreed they needed to focus on reaching 100 percent compliance with production cuts agreed at an OPEC meeting in June.

That effectively means compensating for falling Iranian production. Al-Rumhy said the exact mechanism for doing so had not been discussed.

Reporting by Reuters OPEC team, writing by Dmitry Zhdannikov, editing by Dale Hudson

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