Iran is ramping up production in a hurry
Iran's oil minister says the nation is producing 3.8 million barrels per day and will soon hit 4mbpd in a rapid return of production since sanctions were lifted at the start of the year.
He shot down the idea of a quota, saying he doesn't believe an agreement can be reached at tomorrow's meeting.
So this is a double dose of oil-negative news with higher-than-expected production and a negative view on quotas. The API numbers are next.
