Opec starts to ease cuts

The group is seeking to return compliance to 100%, implying a sharp immediate rise in output. But the details are vague

Opec's members are to start raising oil output again, officially aiming to achieve 100% compliance with its cuts and, in doing so, imply the addition of up to 700,000 barrels a day of supply to the market. It marks the beginning of the end of Opec's cuts strategy that began in January 2017, eliminating a global stock excess than lifted prices by about 50%. But the decision left many questions unanswered—confusion that was reflected in a 2% rise in Brent prices, to almost $75 a barrel, on news that had been intended to ease them. The market was expecting more detail. Earlier reports had suggested Opec would agree to increase supply by up to 1m barrels a day. Tehran objected, believing this wa