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OPEC reaches deal to raise oil output by 1 million barrels per day from July


Organization of the Petroleum Exporting Countries (OPEC) on Friday agreed on a modest increase in oil production from July, after its leader Saudi Arabia persuaded arch-rival Iran to cooperate amid calls from major consumers to help reduce the price of crude and avoid a supply shortage.The group agreed that members and the group?s allies led by Russia should increase production by about 1 million barrels per day (mb/d), or 1 percent of global supply.The real increase will be smaller because several countries that recently under produced oil will struggle to return to full quotas while other producers will not be allowed to fill the gap, Reuters had reported earlier citing OPEC sources.The United States, China and India had urged OPEC to release more supply to prevent an oil deficit that would hurt the global economy.
Source: Latest News

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