OPEC agrees ouput rise of 'about' 1 million barrels - Saudi

Saudi Arabian Oil Minister Khalid al-Falih talks to journalists before the Opec meeting in Vienna on Friday.

Because the cartel had been producing below that ceiling, that effectively means an increase in production.

Some analysts have said the production hike is not enough because of the U.S. sanctions against Iran and Venezuela. Venezuela's production has dropped amid domestic political instability.

Benchmark Brent crude jumped $2.19 a barrel, or nearly 3%, to a high of $75.24 before slipping to about $75 by 1305 GMT. In practice, its combined output was even less due to production problems.

The crude oil swap deal-which was initially planned to begin in April-is seen by some as a major influence push by Iran in Iraq, after Tehran helped Baghdad quash an emerging independence movement in Kurdistan that culminated in an independence referendum, the results of which Baghdad refused to recognize.

Non-OPEC countries like Russian Federation had agreed in 2016 to participate in OPEC's effort to raise prices, cutting 600,000 barrels a day of their own production.

OPEC didn't agree to increase production as such.

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The Organization of the Petroleum Exporting Countries (OPEC), meeting in Vienna, agreed on Friday to boost output from July after its de facto leader Saudi Arabia persuaded arch-rival Iran to cooperate in efforts to reduce the crude price and avoid a supply shortage.

U.S. President Donald Trump was among those wondering how much more oil OPEC will deliver.

Crude oil prices were soaring in early Friday trading after OPEC apparently disappointed with the terms of a consensus agreement on production.

The organisation, which agreed to restrict output by 1.2 million bpd, has consistently over-complied, largely thanks to involuntary declines in the likes of Venezuela and Angola, but also to Saudi Arabia, which has cut crude output by more than it had pledged to in order to make up for any members that failed to meet their targets.

"I think there is a risk, a non-trivial risk, of oil prices really spiking in the next twelve months", he said.

There are other considerations than dollars and rubles.

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