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OPEC reaches deal to raise oil output from July: source

Published 06/22/2018, 08:35 AM
Updated 06/22/2018, 08:40 AM
© Reuters. Saudi Arabia's Oil Minister al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna

VIENNA (Reuters) - OPEC agreed on Friday to raise oil production by around 1 million barrels per day from July for the group and its allies, an OPEC source said.

© Reuters. Saudi Arabia's Oil Minister al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna

The output gain is nominal. The real increase will be smaller because several countries that recently underproduced oil will struggle to return to full quotas while other producers will not be allowed to fill the gap, OPEC sources have said.

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