OPEC strikes deal to boost oil production

The Organization of Petroleum Exporting Countries (OPEC) and Russia agreed Friday to make modest crude oil production increases in a bid to stop price spikes.

Saudi Energy Minister Khalid Al-Falih told reporters after the meeting that the deal was to make a “nominal” increase of 1 million barrels per day, Bloomberg News reported.

But Nigerian Oil Minister Emmanuel Ibe Kachikwu said the deal is actually to boost output by 700,000 barrels a day in the second half of this year.

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President Trump has been repeatedly pressuring OPEC to increase production. He’s blamed the cartel for recent increases in oil prices, which he argued have been artificial and fueled simply by countries’ desires to get more money.

“Hope OPEC will increase output substantially,” Trump tweeted early Friday. “Need to keep prices down!”

Senate Democrats have also called for OPEC to increase production, as well as blaming Trump’s policies and his decision to ditch the Iran nuclear agreement for high prices.

Oil hit nearly $80 per barrel last month, sending gasoline prices in the United States above $3 per gallon in many areas for the first time in years.

OPEC released a final communique from the meeting that did not mention any specific volume amounts.