OPEC Strikes Deal To Add One Million Barrels A Day To Production

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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}

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