OPEC ministers agree to raise oil production but don't say by how much

collected by :Frank Ithan

OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group, which has been capping output in order to balance the market and boost prices for the last 18 months. Top OPEC producer Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran, Iraq and Venezuela to support an output hike. While OPEC avoided the disastrous outcome of ending the week without a deal, it left the oil market somewhat disappointed by declining to announce a hard figure. On Friday, OPEC members agreed to start pumping more oil, though the agreement will not end the group's 18-month-old deal to limit output. Instead the producers are seeking to cut no deeper than 1.2 million bpd, the target they set in November 2016.

Trump criticizes OPEC again for high oil prices; 'Not good!'

President Donald Trump is again blaming OPEC for high oil prices, even though crude futures have recently retreated from 3½-year highs on reports that his administration asked Saudi Arabia to manage the market . "Oil prices are too high, OPEC is at it again. Oil prices are also lower than the last time Trump tweeted about high oil prices. On April 20, Trump tweeted that "oil prices are artificially Very High" due to actions by the Organization of the Petroleum Exporting Countries. WTI oil prices traded near $68 at the time, after hitting a then-three-year high above $69 a barrel that week.

Why oil jumped $3 after OPEC said it's increasing production

as mentioned in CalgaryWhy oil jumped $3 after OPEC said it's increasing productionShare on Facebook Share on Twitter Share by EmailIncrease was way less than expected, analyst explainsAn OPEC increase in production announced Friday has led to a jump of $3 a barrel. (Fernando Llano/The Associated Press/File Photo)On the surface, it flies in the face of supply and demand, but an OPEC increase in production announced Friday has led to a jump of $3 a barrel. [U.S. President] Donald Trump threw a wrench in that with his tweet saying oil prices are too high. "Will that keep Trump happy, we don't know but maybe we are in the sweet spot of keeping him happy and the Saudis happy ahead of their IPO." Little bit of comfort for Canadian producersNieboer says while OPEC announced an increase of 1 million barrels a day, the net increase will be less.