OPEC” agree on an increase in oil production

“Media In – Agencies 22 June 2018
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to a modest increase in oil production from July.
The Organization of the Petroleum Exporting Countries said in a statement that it “will return to full compliance with agreed oil production reductions, while Saudi Arabia said the move would translate into an increase in production by about one million barrels per day
OPEC and its allies have been involved since last year in an agreement to cut oil production by 1.8 million bpd. The measure has helped rebalance the market in the past 18 months and has led oil prices to rise to around $ 75 a day from about $ 27 in 2016.