OPEC agrees ouput rise of ‘about’ 1 million barrels

OPEC strikes deal to boost oil production | TheHill

Support for the increase, which had been proposed by Saudi Arabia against objections from Iran, was unanimous, he said.

OPEC members have agreed on a combined increase in crude oil output of one million barrels per day, the oil minister of the cartel's kingpin Saudi Arabia said Friday.

Leaders from the Organization of the Petroleum Exporting Countries (OPEC) have agreed on a modest increase in oil production from next month, according to Al Jazeera.

Iran, OPEC's third-largest producer, had demanded the organisation reject calls from Trump for an increase in oil supply, arguing that the U.S. has contributed to a recent rise in prices by imposing sanctions on Iran and fellow member Venezuela.

In the end, both sides were able to save face.

By agreeing to collectively raise output by a million barrels, member countries are simply committing to comply fully with the deal struck in late 2016 - and the final OPEC communique makes no mention of the additional one million target. OPEC is responsible for about 40 percent of the world's oil production and more than 80 percent of established oil reserves.

OPEC officials blamed US sanctions on oil producing states like Iran and Russian Federation.

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Iran was not alone in its resistance.

OPEC aims to finalize the deal with its non-OPEC partners later Saturday in Vienna at a meeting scheduled to start at noon local time.

"The Republic of the Congo is thrilled and honored to be joining OPEC and to do our part to preserve an equilibrium in global oil markets and ensuring a sufficient flow of investments into hydrocarbons", said H.E. Jean-Marc Thystère-Tchicaya, the Minister of Hydrocarbons.

Global oil prices rose immediately after today's decision, extending earlier gains.

The landmark supply-cut pact struck between the 24 nations, known as OPEC+, has been credited with lifting crude prices from below United States dollars 30 in early 2016 to around USD 70. "Need to keep prices down!" the president tweeted.

The Wall Street Journal said the agreement is to boost output by about 600,000 barrels a day and citied people familiar with the matter.

Much of the current production shortfall has come from Venezuela, where an economic crisis has savaged petroleum production.

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