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Opec, allies to increase oil production by 500,000 bpd after new deal: Iran

Saudi Arabia said the increase would amount to less than 1 million bpd, while Iraq said it would be around 770,000 bpd

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Crude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day

Last Updated : Jun 23 2018 | 3:34 PM IST

Iran's oil minister Bijan Zanganeh said on Saturday that Opec and its allies will increase oil output by close to 500,000 barrels per day after agreeing a new production deal on Friday.

Opec agreed to a modest rise in oil production from next month but the group gave no clear targets, leaving traders guessing how much more it will actually pump.

Saudi Arabia said the increase would amount to less than 1 million bpd, while Iraq said it would be around 770,000 bpd.