Oil Production To Increase

 OPEC & Russia Endorse New Output Levels

June 23, 2018 - 11:20 am

VIENNA (AP) — OPEC nations and oil-producing countries not in the cartel say they have agreed to share increased oil production a day after OPEC announced it would pump more crude oil — a move that should help contain the recent rise in global energy prices.

    Russia and other oil-producing allies said after their meeting Saturday in Vienna with OPEC countries they would endorse a nominal output increase of 1 million barrels crude oil per day.

    The Organization of the Petroleum Exporting Countries said in a statement that both member and non-member oil producing countries "decided that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100 percent."

    The statement did not say how the production increase would be split between OPEC and non-OPEC nations.


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