OPEC, non-OPEC ministers affirm concord on hiking oil output

OPEC and non-OPEC oil ministers concluded their meeting on Saturday, affirming their accord on hiking the daily crude oil output by one million barrels.

Speaking at a news conference, Saudi Energy Minister Khaled Al-Falah explained that the output hike would be distributed among signatory states according to each country’s capacity.

He indicated that some of the producers breached last year’s agreement on lowering the prduction by 1.8 million bpd.

Source: Kuwait News Agency