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OPEC ministers strike deal on oil production levels

Source: - Jun 22, 2018

OPEC ministers and their allied partners meeting in Vienna have agreed on oil production levels starting from July.

A source confirmed to CNBC that a deal has been struck, and the group will aim to restore about 1 million barrels per day (bpd) to the market. However, industry sources familiar with the oil cartel's deliberations said the actual increase is likely to total around two-thirds of Saudi Arabia's target.

That's because some OPEC members would be unable to sufficiently ramp up crude production. Analysts say supply increases are more likely to fall in a range between 600,000 to 800,000 bpd.


Category: General Business