OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia
- All producers endorse output boost agreed by OPEC on Friday
- Group will add as much as 700,000 b/d of crude to the market
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OPEC and its allies gave the final sign-off to an oil-production increase, sealing a victory for Saudi Arabia and Russia.
Major producers outside the Organization of Petroleum Exporting Countries -- including Mexico and Kazakhstan -- met ministers from the cartel on Saturday and endorsed a nominal output increase of 1 million barrels a day, said Ecuador’s Minister of Hydrocarbons Carlos Perez. In real terms, that would add 600,000 to 700,000 barrels a day of crude to the market over about six months, said Oman’s Oil Minister Mohammed Al Rumhy.