Many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih.

World oil demand in 2016 is seen increasing by 1.24 mb/d to average 94.40 mb/d. Positive revisions were primarily a result of higher-than-expected demand in the Other Asia region, while downward revisions were a result of lower-than-expected performance from OECD America. In 2017, world oil demand is anticipated to rise by 1.15 mb/d, to average 95.56 mb/d.

Last week, the Organization of the Petroleum Exporting Countries agreed to cut between 200,000 barrels a day and 700,000 barrels a day of their output to reduce a global oil glut. The 14-nation oil-producing group controls over a third of the world’s oil production, but said it also wanted non-OPEC producers to join the effort to curb output.

Участники Организации стран-экспортеров нефти на встрече в Алжире договорились ограничить добычу нефти начиная с ноября текущего года, сообщили Рейтер источники в ОПЕК.

While Tehran wants to set its production target at about 4.2 million barrels per day, Riyadh last week asked its regional rival to freeze its output at 3.6 million barrels per day in return for a production cut.

The Securities and Exchange Commission today announced that oil services company Weatherford International has agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting. Two of the company’s senior accounting executives at the time have agreed to settle charges that they were behind the scheme.

“We need a gentle adjustment to reassure the market,” Mr. Falih said at a briefing where he was flanked by his Russian counterpart, Alexander Novak.

Production from outside the Organization of Petroleum Exporting Countries will grow by 200,000 barrels a day next year, according to the group, which a month ago had projected a drop of 150,000 a day.

Iran has told OPEC it pumped 3.63 million barrels of oil per day (bpd) in August, up 10,000 bpd from July, an OPEC source said, marking a slowdown in the rapid growth that followed the lifting of Western sanctions in January.

Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 barrels a day to average 33.69 million a day in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies and ship-tracking data showed. The group is due to hold informal talks in three weeks in Algiers, where Russian President Vladimir Putin says an agreement can be reached to limit output.