Opec expected to keep pumping flat out

Oil fell nearly US$2 to below US$62 on Monday as the UN’s nuclear watchdog said it was hoping for a deal with Iran and Opec ministers called for Wednesday’s meeting of the group to keep near-maximum output.

“Saudi Arabia and most Opec members continue to pump at high to near-full capacity utilisation, but production is down three-quarters of a million barrels per day from last summer’s peaks,” PFC said in a report.