OPEC and non-OPEC oil producers will raise production if oil prices increase, Reuters reported on Friday, citing CEO of the Russian oil producer Lukoil, Vagit Alekperov.

 

Oil prices should reach $60-65 per barrel to avoid sharp hikes as it happened in 2000.

 

On Thursday, OPEC and its allies agreed to extend production cuts of 1.8 million bpd or around two percent of global supply, until the end of 2018. 

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