OPEC, Having Bolstered Oil Prices, Considers Ramping Up Production

Major oil-producing countries moved on Friday toward an agreement to jointly raise exports, a decision that has driven considerable division among them but that could temper criticism from President Trump.

Officials from the Organization of the Petroleum Exporting Countries, as well as other major producers like Russia, were set to increase their total output by less than 1 percent of the global oil supply. Though a relatively small addition to the world energy market, the move nevertheless signals a willingness by international suppliers to address rising prices.

“We will come out with an agreement to ease market concerns about the availability of crude oil,” Khalid al-Falih, Saudi Arabia’s energy minister, said on Friday in Vienna.
more at source: https://www.nytimes.com/2018/06/22/business/opec-oil-production-prices.html