OPEC+ countries agree on modest rise in production

VIENNA, Austria — Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.” The commitment from the seven countries, also including Algeria, Iraq, Kazakhstan, Kuwait and Oman, to raise production by 188,000 barrels per day comes after a virtual meeting they held on Sunday. READ: uae-exit-from-opec-shakes-up-alliance The move is mostly symbolic because it comes as Iran blocks the Strait of Hormuz at the mouth of the Persian Gulf, where about a fifth of the world’s trade […]... Keep on reading: OPEC+ countries agree on modest rise in production

Go to News Site