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Economy

Oil up almost 3 percent as OPEC agrees to raise output

Updated : June 22, 2018 07:30 PM IST

The Organization of the Petroleum Exporting Countries, meeting in Vienna, agreed on Friday to boost output from July after its de facto leader Saudi Arabia persuaded arch-rival Iran to cooperate in efforts to reduce the crude price and avoid a supply shortage.
Two OPEC sources told Reuters the group agreed that OPEC and its allies led by Russia should increase production by about 1 million barrels per day (bpd), or 1 percent of global supply.
Oil up almost 3 percent as OPEC agrees to raise output

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