OPEC to boost oil production by 1 million barrels per day

Cornelia Mascio
Giugno 22, 2018

The Bahnsen Group CIO David Bahnsen on the OPEC agreement to increase oil production and Amazon employees asking the company not to sell facial recognition technology to police. It can be regarded as a victory for Saudi Arabia and Russian Federation, which had pushed to boost output to alleviate high prices.

Ahead of Friday's meeting, OPEC's largest producer, Saudi Arabia, was seen to be open to higher production but Iran had been hesitant.

Saudi Energy Minister Khalid Al-Falih told reporters after the meeting that the deal was to make a "nominal" increase of 1 million barrels per day, Bloomberg News reported.

The 24 nations in the supply-cut pact, known as OPEC+, agreed in late 2016 to trim production by 1.8 million barrels a day but they have actually been keeping some 2.8 million barrels per day off the market.

The Organization of Petroleum Exporting Countries (OPEC) and Russian Federation agreed Friday to make modest crude oil production increases in a bid to stop price spikes. U.S. President Donald Trump has been calling publicly for the cartel to help lower prices.

Now, the oil market has rebalanced while production has plunged in Venezuela due to the country's economic crisis.

President TrumpDonald John TrumpCNN analyst Kirsten Powers: Melania's jacket should read "Let them eat cake" CNN's Cuomo confronts Lewandowski over "womp womp" remark Sessions says Federal Bureau of Investigation agent Peter Strzok no longer has his security clearance MORE has been repeatedly pressuring OPEC to increase production.

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