OPEC and allies agree to share oil production increase
By Associated Press
Jun 23, 2018 8:40 AM CDT
Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members at their headquarters in Vienna, Austria, Saturday, June 23, 2018. (AP Photo/Ronald Zak)   (Associated Press)

VIENNA (AP) — OPEC nations and oil-producing countries not in the cartel say they have agreed to share increased oil production a day after OPEC announced it would pump more crude oil — a move that should help contain the recent rise in global energy prices.

Russia and other oil-producing allies said after their meeting Saturday in Vienna with OPEC countries they would endorse a nominal output increase of 1 million barrels crude oil per day.

The Organization 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 percent."

The statement did not say how the production increase would be split between OPEC and non-OPEC nations.

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