Saudi, Russia reaffirm ‘million-barrel deal’

Bloomberg

Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day.
Energy ministers Khalid Al-Falih and Alexander Novak spoke on the phone, and reiterated the terms of the agreement reached last month in Vienna, according to statements from the Saudi and Russian energy ministries.
The Organization of Petroleum Exporting Countries and its partners agreed on June 23 that they have cut output far more than originally intended in a deal struck in 2016, and should restore some supply. The two statements reiterated that this involves an adjustment “equivalent to an additional 1 million barrels a day.”
Russia and Saudi Arabia agreed the process of monitoring supply from the coalition of 24 oil producers needs to be modified to reflect this new objective. Saudi Arabia raised production by the most in five years last month, pumping 10.3 million barrels a day, according to a Bloomberg survey.