OPEC+ to Boost Oil Output After Saudis Secure Deal With Iran
- Group will supply an extra 700,000 b/d, says Nigerian minister
- Supply increase is a victory for U.S. President Donald Trump
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OPEC and allies including Russia will boost oil production starting next month, offering relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran’s opposition.
While it fudged some differences between members, the agreement is a victory for Riyadh and Moscow, which for a month have advocated for a production increase to alleviate high prices. It’s also a success for U.S. President Donald Trump, who has criticized the Organization of Petroleum Exporting Countries for inflating the cost of fuel.