Iran plans to boost its output of crude oil to 4 million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the global oil market.

It will take more than $40 crude to make the Organization of Petroleum Exporting Countries (Opec) change its mind, analysts said before the group’s December 4 meeting in Vienna.

Mexico is set to get a record payout of at least $6bn (€5.6bn) from its oil hedges this year, according to data compiled by Bloomberg.