OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.
But the agreement failed to announce a clear target for the output increase, leaving traders guessing how much more OPEC will actually pump. Oil prices LCOc1 rose by $1.85 to $74.90 a barrel.
U.S. President Donald Trump was among those wondering how much more oil OPEC will deliver. “Hope OPEC will increase output substantially. Need to keep prices down!” Trump wrote on Twitter after OPEC announced its decision.
But the agreement failed to announce a clear target for the output increase, leaving traders guessing how much more OPEC will actually pump. Oil prices LCOc1 rose by $1.85 to $74.90 a ba
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