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Russia Backs OPEC Oil Production Increase

Saudi Energy Minister Khalid al-Falih (file photo)

OPEC has agreed with Russia and other oil-producing countries to increase production from July.

The Organization of the Petroleum Exporting Countries announced it had struck a deal with member countries on June 22, although it did not include clear production targets.

On June 23, non-OPEC oil producers led by Russia agreed to participate in the agreement, although a statement issued after talks with the Vienna-based group provided no concrete numbers.

Saudi Arabia said the sides had informally agreed to boost production by 1 million barrels of oil that would be divided between the producers.

The vague statement came amid deep disagreements between OPEC archrivals Saudi Arabia and Iran, which is opposed to increasing global oil production.

The United States, China, and India had urged oil producers to release more supply to prevent an oil deficit that could undermine global economic growth.

But countries like Iran, Iraq, and Venezuela said they were unable to raise output soon and their share would be unfairly reallocated to other producers.

Based on reporting by Reuters and AFP