Oil

OPEC'.s decision will affect economic outlook in Nigeria if the price drops below $51 or if the country is unable to boost its oil production.

OPEC and its allies have since last year been participating in a pact to cut output by 1.8 million bpd.

Saudi Arabia is trying to convince fellow OPEC members to pump more oil.

Saudi'.s Falih suggested negotiations will take place between countries with spare capacity to increase production and those unable to do so.

Without further investment. liquids supply would decline steeply leading to major price fluctuations down the line.

Real increase would be smaller than the nominal gain of 1 million bpd. meaning a compromise with Iran remained possible.

U.S. President Donald Trump has called on OPEC to raise production to cool down oil prices.

Zanganeh said that Iran would try to maintain its export levels in the face of US sanctions.

Most of the shortfall has come from Venezuela. where an economic crisis has savaged the nation’s petroleum production.

An increase because of external pressure on OPEC is not acceptable.