Reuters sources
Citing three sources, Reuters reports that OPEC/non-OPEC production declined in August because of falling Iranian supply but that countries are now discussing a 500K bpd increase.
Officials are meeting Sunday but raising production would require an 'extraordinary meeting' which is not currently on the agenda.
WTI is up $1.18 to $71.48 today.
The oil market was slow to pick up on the headline but crude now back to $71.11.
