OPEC nations and other countries outside the cartel agreed
Saturday to share increased oil production in a move that is seen as
stabilizing global energy prices.
On Friday, the Organization of the Petroleum Exporting
Countries agreed to boost production. On Saturday, ministers of the cartel met
with major producers outside OPEC, including Russia, Mexico and Kazakhstan, in
They endorsed an extra 1 million barrels a day, said
Ecuador's Minister of Hydrocarbons Carlos
Over six months that equates to an extra 600,000 to 700,000
barrels a day of crude to the market, Oman's Oil Minister Mohammed Al Rumhy
The nations didn't agree on how the production increase
would be split between OPEC and non-OPEC nations.
No. 1 oil producer Russia, which is not a member of OPEC,
and No. 2 Saudi Arabia had suggested an increase.
On Saturday, Russian Energy Minister Alexander
Novak said his nation supports a boost of a million gallons a day
boost starting next month. Russia had originally wanted a 1.5 million increase.
With oil prices hitting $80 a barrel last month for the
first time in three years, Novak said the market needed to be rebalanced.
The agreement came about Friday after Iran, which wanted no
more than 500,000 more barrels a day, agreed to come on board.
Saudi Arabia's Khalid al-Falih, the nation's oil
minister, told journalists the nation plans an increase of
"hundreds of thousands, not tens of thousands, of barrels."
Saudi Aramco, the nation's oil company, has been ramping up
production to increase exports from ports in July. "Ships have been
scheduled, and it will be hitting the markets, I assume, in August," he
U.S. President Donald
Trump posted Friday on Twitter: "Hope OPEC will increase output
substantially," Trump said on Twitter. "Need to keep prices
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