Expectations going into the OPEC monitoring meeting in St. Petersburg were low. The OPEC agreement to reduce output appeared to be fraying. June output appeared to have increased in several countries, and private sector estimates suggest output rose further in July. Russia expressed reluctance to extend the agreement further. Ecuador announced it would no longer participate in the output restraint. Hopes that Nigeria and Libya, who were exempt from the quota, would cap output were played down in recent days. Initial reports suggest the outcome was better than expected. Saudi Arabia agreed to cut its output further ... (full story)