OPEC+ was in Algiers to discuss on output strategies among other things
- Decided to revisit the issue of possible output increase in December meeting
- Saudi plans to boost oil supply by 200k to 300k bpd in next 2 months
- This is to compensate for lower Iran output
Don't think Iran would be too happy by the move from Saudi Arabia to undercut them and pump more supply into the market. But that's still not enough to cover Iran's total shortfall though, expected to be in the region of around 1 mil bpd.
