15 July 2020 - 17:18Saudi Arabia's energy minister Abdulaziz bin Salman Al-Saud at Opec's headquarters in Vienna, Austria. Picture: REUTERS/LEONHARD FOEGER
Brent crude rose 14c, or 0.3%, at $43.04 a barrel, and US West Texas Intermediate crude rose 13c, or 0.3%, to $40.42 a barrel in New York. That supply increase will be offset somewhat by members that did not fulfil their commitments to reduce output in May and June — such as Iraq and Nigeria. They will make up for those shortcomings with 842,000 barrels a day of extra reductions in August and September, delegates said.
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