Economy News

OPEC agrees to increase production after Iran softens its position

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday to a modest increase in oil production starting in July after Saudi Arabia, the world’s largest producer, persuaded its rival Iran to cooperate amid calls from major consumers to help cut crude prices and avoid supply shortages.

Two OPEC sources said the group had agreed that its Russian-led allies should produce about one million bpd, equivalent to 1 percent of global supplies.

The seizure of OPEC that the real increase will be less because the number of countries that decline in production in recent times you will find it difficult to cover production quotas, while others will not allow producers to fill the gap.

The United States, China and India have called on OPEC to increase output to prevent a global economic crisis.

Saudi Arabia and Russia have expressed satisfaction with pumping more crude, but Iran has criticized the idea as it faces US sanctions. Source