Saudi EnergyMin: Output rise won’t be more than 1 mln bpd collectively

Saudi energy minister is crossing the news wires, providing the key quotes, via Reuters, found below.

• Final decision is OPEC, non-OPEC will try to restore compliance to 100%.
• Output rise won’t be more than 1 mln bpd collectively.
• Output hike will be proportional by capacity, hike depends on which nations have the capacity.

Crude oil prices are reacting positively to these comments and the barrel of West Texas Intermediate was last seen trading at $67.80, where it was up 3.5% on the day.