The Organization of Petroleum Exporting Countries (OPEC) agreed Wednesday in Vienna to increase its production target for the first time in three years in a move that appeared to signal that Saudi Arabia and Iran had put aside their differences on oil policy for the time being.
The move should have little lasting impact on oil prices because the production target of 30 million barrels a day is closely in line with current output. But the agreement had symbolic value, coming six months after a meeting of OPEC ministers ended in disarray as they failed to reach a consensus to raise production levels.
“We have an agreement to maintain the market in balance,” said Venezuelan energy minister Rafael RamÃrez.
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