OPEC to raise oil output from July

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers have announced that they will raise oil production starting from July to keep the market balance and acceptable oil prices.

They agreed to withhold their combined oil output by 1.2 million barrels per day from January 1stuntil the end of this month.

Their next meeting to decide whether to extend the pact is due to take place at the end of June or early July.

Oil price dropped from the record high of 75 USD in April to 62 USD a barrel.

Source: VOV5