It would not matter if Iran and Venezuela chose to veto any increase in oil production in the current OPEC deal, and it would not matter if there was no joint statement on Friday by OPEC. What matters is whether there will be an increase in oil production at the end of the day or not.
At the moment, Iran has said it will not support any increase in oil production by not appearing at the meeting of the Joint Ministerial Monitoring Committee tomorrow.
At the same time, Oman's oil minister said there was a good chance of reaching a consensus for the OPEC meeting on Friday. On the other hand, the Iraqi Oil Minister claims that the oil market has not yet reached stability in the sense that there should be an increase in oil production. The Nigerian oil minister has announced that all options are on the table.
