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.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.