Oil output to rise by 1m barrels a day as Opec reaches compromise

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Delegates at Vienna meeting say talks were fraught – Brent crude rises 2%

Major oil producers have agreed to pump more crude to help reduce prices and prevent a supply shortage, in a significant reversal of Opec’s strategy of curbing output over the past 18 months.

After a fraught meeting in Vienna in which Iran was initially at odds with a Saudi-led drive to boost production, ministers settled on a target they said would increase output by around 1m barrels per day (bpd).

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