OPEC Braces for More Oil as Iran, Iraq Plan to Expand Supply

Never mind cutting output to stanch a global glut, the talk so far at this week’s OPEC summit is mostly about pumping more oil.

Iraq will increase exports this month as fighting with Islamic State militants spares its biggest-producing regions, the country’s oil minister said Wednesday. His counterpart from Iran urged the group to make room for more output when global sanctions recede. The prospect of more supply led BP Plc’s chief executive officer to predict price “softness” will persist.