OPEC, allies agree on output

OPEC nations and oil-producing countries not in the cartel have agreed to share increased oil production a day after OPEC announced it would pump more crude oil – a move to contain the recent rise in global energy prices.

Russia and other oil-producing allies said after their meeting in Vienna with OPEC countries they would endorse a nominal output increase of one million barrels crude oil per day.

The Organisation of the Petroleum Exporting Countries said in a statement that both member and non-member oil producing countries “decided that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100 per cent.”