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

Iran. OPEC’s third-largest producer. was against the agreement at first since the country is facing export-crippling US sanctions.

Earlier this year. Qatar agreed to increase its stake in Rosneft to almost 19 percent.

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

The 14-nation OPEC cartel and its 10 non-member partner nations. known as OPEC+. together account for more than 50 percent of the world'.s oil supply.

OPEC and its 10 non-OPEC partners have agreed to restore compliance with their production cuts to 100%.

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.

Saudi Arabia and its allies estimate that total cuts now amount to 2.8 million barrels.