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Montevideo, November 18th 2018 - 19:03 UTC

Tag: Helima Croft

  • Saturday, June 23rd 2018 - 10:29 UTC

    OPEC ministers agree to increase oil supplies, but volume has to be decided

    On Friday, OPEC members agreed to start pumping more oil, though the agreement will not end the group's 18-month-old deal to limit output

    OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group, which has been capping output in order to balance the market and boost prices for the last 18 months. The agreement came after a week of tense negotiation at OPEC's headquarters in Vienna, Austria. Top OPEC producer Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran, Iraq, and Venezuela to support an output hike.