"It was decided to extend the 9.7 million limit for one more month," Zanganeh said after taking part in a videoconference in which the countries responsible for the 60 percent of the global oil supply were present.
He also announced that Iraq and other countries, which did not fully comply with the commitment to reduce production by 23 percent during May and June, will withdraw from the market those millions of barrels that pumped above the established quota.
"Member Countries reaffirmed their continued focus on fundamentals for a stable and balanced oil market, in the interests of producers, consumers, and the global economy," the OPEC stated through a public statement.
In case you haven't seen it. US rig count below.
All the unemployed rig workers say: "F*ck you President Trump!"