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image: CreditHeinz-Peter Bader/Reuters

OPEC, Having Bolstered Oil Prices, Considers Ramping Up Production

June 22, 2018

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VIENNA — Major oil-producing countries moved on Friday toward an agreement to jointly raise production of crude, a shift that brings a symbolic end to an output-capping deal that more than doubled prices but that drew the ire of President Trump.

Officials from the Organization of the Petroleum Exporting Countries, as well as other major producers like Russia, appeared likely to increase their total output by less than 1 percent of the global oil supply. Though a relatively small addition to the world energy market, the move carries weight, as it signals prices a willingness by international suppliers to address rising prices.

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