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OPEC+agrees+to+increase+output
Sunday, 24 June 2018 - 15:13
OPEC agrees to increase output
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OPEC has agreed to increase oil supply starting in July, in the apparent hope of stemming a further rise in crude prices.
 
The Organization of the Petroleum Exporting Countries made the formal announcement in Vienna.
 
The OPEC members, together with non-OPEC countries like Russia, started to cut output in January of last year in an attempt to pull up the then-low crude prices. Crude then briefly hit a 3-and-a-half-year high last month.
 
OPEC explained that current output represented a larger cut than they had originally planned. It said it would accordingly be increasing output to the original target level.
 
The group said this means it will aim to boost production by 600,000 barrels a day in total among member states.
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