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Opec, Russia to raise oil output, Saudi pledges 'measurable' supply boost

Opec and non-Opec said in their statement that they would raise supply by returning to 100 per cent compliance with previously agreed output cuts, after months of underproduction

Reuters  |  Vienna 

Opec agreed with Russia and other oil-producing allies on Saturday to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers. The Organization of the Petroleum Exporting Countries had announced an Opec-only production agreement on Friday, also without clear output targets. Benchmark Brent oil rose by $2.5 or 3.4 per cent on the day to $75.55 a barrel. On Saturday, non-Opec oil producers agreed to participate in the pact but a communique issued after their talks with the Vienna-based group provided no concrete ...

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First Published: Sat, June 23 2018. 22:06 IST