VIENNA — The countries of the OPEC cartel agreed Friday to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices.

Questions remain, however, over the ability of some OPEC nations – Iran and Venezuela in particular – to increase production as they struggle with domestic turmoil and U.S. sanctions.

Oil prices rose after OPEC’s announcement, which analysts cited as evidence that investors believe the actual increase in production will be smaller, about 600,000 to 700,000 barrels a day.

After an OPEC meeting in Vienna, Emirati Energy Minister Suhail al-Mazrouei said the cartel decided to fully comply with its existing production ceiling.

Because the group had been producing below that level, that means an increase in production of “a little bit less than 1 million barrels,” the Emirati minister said.

The price of oil jumped after the announcement, with the international benchmark, Brent, gaining 2.5 percent to $74.84 a barrel in London, and U.S. crude climbing 4.9 percent to $68.72 a barrel in afternoon trading in New York – on track for its biggest one-day rise since OPEC agreed in November 2016 to cut production.


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