A joint panel of OPEC and non-OPEC representatives will discuss next Tuesday how the group could distribute among them the 1 million bpd production increase that was agreed in June Reuters reported on Friday, citing sources familiar with the plans. OPEC and its Russia-led partners of non-OPEC producers in the production cut pact agreed in June to ease compliance rates, in other words to boost production, to ease market and consumer concerns about an increasingly tighter market and higher oil and gasoline prices. Analysts had expected that Iran would not agree to any specific production boost, and therefore any official OPEC statement—if Iran was to be convinced not to break up unanimity in the group—would be vague about the production figures, which it was. While OPEC and allies report the overall compliance levels, the two archrivals in the Middle East and major oil producers within the cartel—Saudi Arabia and […]