(MENAFN) The Organization of Petroleum Exporting Countries (Opec) and its allies, including Russia, are reportedly set to increase oil production, effective July.
Bloomberg reported Opec and the allies to be providing relief to consumers following Saudi Arabia's last minute agreement to overcome the opposition of Iran.
The deal is considered as a win for Riyadh and Moscow even though it raised some difference between members, as the report noted.
The report also said that it was a victory for President Trump who criticized the Opec for inflating the cost of fuel.
In his post on Twitter, Trump said "hope Opec will increase output substantially," adding "need to keep prices down!"
Abhishek Deshpande, an executive director at JPMorgan Chase & Co., also said "Opec got the message," noting "the Goldilocks oil price target is just shy of $70 a barrel, that should quiet the complaints from the consumers."
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