Opec meet in Vienna: Oil ministers back output hike despite Iran's walkout

While the OPEC+ panel has recommended raising supply by a nominal 1 million barrels a day, the actual rise is likely to be smaller as some nations are unable to pump more

Opec and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day -- the actual increase will be smaller as several countries are unable to raise output.

In a night of drama in Vienna, the Joint Ministerial Monitoring Committee, which recommends policy to the group, reached an agreement despite Bijan Zanganeh, the Iranian oil minister, walking out of the meeting and predicting Opec won't reach a final deal when it meets formally on Friday. 

"One million barrels a day is nominal. The actual effect will be something