OPEC agrees to oil output hike - source

OPEC agrees to oil output hike - source

OPEC has agreed to raise oil production by around 1 million barrels per day, a source in the Iranian delegation said.

Two OPEC sources said the group agreed that OPEC and its allies led by Russia should increase production by about 1 million barrels per day (bpd), or 1% of global supply.

The real increase will be smaller because several countries that recently underproduced oil will struggle to return to full quotas while other producers will not be allowed to fill the gap, OPEC sources added.

"In reality, the accord adds 600,000 barrels a day of oil to the market, about 0.5% of global supply, because several members are unable to raise output, Reuters cited a delegate as saying.

OPEC will meet again on Saturday with non-members, including Russia, to ratify Friday’s agreement.