OPEC agrees to pump more oil but crude prices jump anyway
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June 22, 2018
VIENNA (AP) — The countries of the OPEC cartel agreed on Friday to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices.
Questions remain, however, over the ability of some OPEC nations — Iran and Venezuela in particular — to increase production as they struggle with domestic turmoil and sanctions.
Oil prices rose after OPEC's announcement, which analysts cited as evidence that investors believe the actual increase in production will be smaller, about 600,000 to 700,000 barrels a day.
After an OPEC meeting in Vienna, Emirati Ene...
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