The Organization of Petroleum Exporting Countries (OPEC) and Russia agreed Friday to make modest crude oil production increases in a bid to stop price spikes.
Saudi Energy Minister Khalid Al-Falih told reporters after the meeting that the deal was to make a “nominal” increase of 1 million barrels per day, Bloomberg News reported.
Oil hit nearly $80 per barrel last month, sending gasoline prices in the United States above $3 per gallon in many areas for the first time in years.
Read more at The Hill.
{Matzav.com}