OPEC Agrees Two Million Bpd Oil Increase

OPEC on Thursday agreed to raise oil output by two million barrels a day, eight percent, in a bid to ease crude prices from $40 a barrel, Qatari Oil Minister Abdullah al-Attiyah told Reuters.

The deal by the 11-member Organization of the Petroleum Exporting Countries also promises to add a further 500,000 barrels a day in August, Attiyah said.

But the cartel will meet again on July 21 to review policy.

Reuters