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OPEC members agree on increase in oil production

OPEC members have agreed on a combined increase in crude oil output of one million barrels per day despite strong opposition from Iran.

The actual increase will be smaller as several countries are unable to raise output. This was confirmed by the oil minister Saudi Arabia Khaled al-Faleh after the cartel’s meeting in Vienna on Friday.

The support for the increase, which had been proposed by Saudi Arabia against objections from Iran, was unanimous.

Ahead of the meeting, India had appealed to the OPEC Forum, which includes both producing and consuming nations to fill the supply gap, and restore “reasonable” pricing.

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