Opec agrees to oil-output boost after reaching last-minute Iran compromise

The accord is a much-needed show of unity from the Organization of Petroleum Exporting Countries and allies including Russia

OPEC has agreed to boost oil production, achieving a last-minute compromise that overcame Iran’s threats to veto any supply hike.

“We have an agreement” to make a 1 million barrel-a-day adjustment on paper to the production cuts implemented by the group in cooperation with allies including Russia, Saudi Energy Minister Khalid Al-Falih told reporters in Vienna. In reality, the accord adds 600,000 barrels a day of oil to the market, about 0.5 percent of global supply, because several members are unable to raise output, said a delegate.

The new deal would effectively roll back the deeper-than-intended cuts from nations such