The Organization of Petroleum Exporting Countries (OPEC) agreed Friday on a modest increase in oil production from next month; however, the agreement failed to announce a clear target for the output increase. OPEC said in a statement that it would raise supply by returning to 100% compliance with previously agreed output cuts but gave no concrete figures. Saudi Arabia said the move would translate into a nominal output rise of around 1mbpd (1% of global supply).
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