OPEC strikes deal to increase oil production

Posted June 21, 2018 9:36 a.m. EDT
Updated June 22, 2018 10:02 a.m. EDT

— OPEC has a new deal.

Members of the cartel emerged from a summit on Friday with an agreement to boost crude oil production.

The deal announced at a press conference in Vienna is aimed at easing fears of a global supply crunch and helping to bring down prices that had spiked by as much as 20% this year.

Suhail Mohammed Faraj Al Mazrouei, the energy minister of the United Arab Emirates, said that OPEC would increase its output to the maximum allowed under the terms of a 2016 production agreement.

Nigerian Energy Minister Emmanuel Kachikwu said that production could increase by 600,000 to 700,000 barrels a day.

US crude futures increased 3.5% to $67.80.