OPEC meets Russia and allies to agree oil output boost

VIENNA - 23 June 2018: OPEC meets Russia and other allies on Saturday to clinch a new deal raising oil output, a day after agreeing a production hike within the group itself but confusing the market as to how much more oil it will pump.

The Organization of the Petroleum Exporting Countries announced its OPEC-only agreement on Friday, but gave no clear output targets. Russia and other non-OPEC oil producers will now meet OPEC in a bid to secure their participation in the pact.

Benchmark Brent oil rose by $2.5 or 3.4 percent on Friday to $75.55 a barrel.

U.S. President Donald Trump was among those wondering how much more oil OPEC will deliver. “Hope OPEC will increase output substantially. Need to keep prices down!” Trump wrote on Twitter after OPEC announced its decision.

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.

OPEC said in a statement that it would raise supply by returning to 100 percent compliance with previously agreed output cuts, but gave no concrete figures.