OPEC to increase oil production

The Organization of Petroleum Exporting Countries (OPEC) has agreed to raise oil production by around one million barrels per day from next month, the oil minister of the body's kingpin Saudi Arabia Khaled al-Faleh said.

Al-Faleh noted that it is time to raise production in order to meet growing demand and appease major consumers like the United States, India and China who have complained about a sustained increase in prices since output was cut back from January last year.

The proposal to increase oil output was backed by all OPEC member nations excluding Iran, which is suffering from US sanctions.

Source: VOV5