THE WEEK IN BRIEF: OPEC agrees increase in oil production

Oil ministers from the Organisation of Petroleum Exporting Countries have this week agreed an increase in oil production. After two days of discussions in Vienna, ministers agreed to increase production by 6.3%, or 1.45 million barrels a day, in response to rising global fuel prices. Even Iran, which had been unhappy with the agreement, has […]

Oil ministers from the Organisation of Petroleum Exporting Countries have this week agreed an increase in oil production. After two days of discussions in Vienna, ministers agreed to increase production by 6.3%, or 1.45 million barrels a day, in response to rising global fuel prices. Even Iran, which had been unhappy with the agreement, has committed to raise its oil production from 1 April. The increased production is expected to stabilise prices at around $25 a barrel.