The communique from OPEC’s meeting pledged that the focus would be to restore output cuts to the level agreed in 2016. REUTERS/Heinz-Peter Bader
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OPEC and its allies including Russia will boost oil production starting next month, offering some relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran's opposition.OPEC agreed on a "nominal" production increase of 1 million barrels a day, Saudi Energy Minister Khalid al-Falih told reporters in Vienna.OPEC and its allies exceeded their pledged 1.8 million barrel-a-day production cut by 47 percent last month, according to Russian Energy Minister Alexander Novak.Crude actually rallied following the OPEC deal, with U.S. benchmark West Texas Intermediate jumping as much as 3.7 percent to $67.93 a barrel.After all the internal OPEC wrangling, which for weeks has whipsawed oil markets, the group's president said Friday's deal was all about the needs of oil users.OPEC will meet again Saturday with nonmembers, including Russia, to ratify Friday's agreement.
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