But in practice, major oil exporters will likely only be able to add about half that total to global markets, because many countries are already producing at capacity or face severe threats of supply disruption.
OPEC's decision to maintain 100 per cent conformity, as compared to 152 per cent observed in May, comes as a relief for India which had been raising concerns at domestic and global forum over increased market volatility and high crude prices. Iran had demanded Opec reject calls from US President Donald Trump for an increase in oil supply, arguing that he had contributed to a recent rise in prices by imposing sanctions on Iran and Venezuela.
On Thursday evening, a deal looked to be slipping away after Iranian Oil Minister Bijan Namdar Zanganeh walked out of a meeting with fellow ministers, predicting nobody could persuade him to back an increase. United Arab Emirates Energy Minister Suhail Al Mazrouei gave similar assurances.
Analysts had expected OPEC to announce a real increase in production of 500,000 to 600,000 barrels per day (bpd), which would help ease tightness in the oil market without creating a glut.
Oil price sees a rise ahead of OPEC meet
Iraq and Venezuela have also opposed a relaxation of production cuts, fearing a slump in prices. When it's too low, oil companies cut back operations and lay off thousands of workers.
They endorsed an extra 1 million barrels a day, said Ecuador's Minister of Hydrocarbons Carlos Perez. In reality, the accord will add a smaller amount of oil to the market because a number of countries are unable to raise their output.
Saudi Arabia's energy minister, Khalid al Falih, said the agreement would allow countries with spare production capacity to boost output. OPEC said it will produce more oil, but not as much as investors feared.
Now among OPEC members, Venezuela is the country whose production is well below the amount allowed under the 2016 agreement. In the immediate aftermath, Brent jumped $2.29 a barrel, or 3.1 percent, to a high of $75.34 before slipping to around $74.60 by 1345 GMT Friday.
The intervention turned counterproductive, enraging other members of the group, exacerbating the schism between Saudi Arabia and Iran and making the possibility of any reconciliation between the two still dimmer. "Need to keep prices down!"
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"Hope Opec will increase output substantially", Trump said on Twitter.
The agreement today will be reviewed at the extraordinary OPEC meeting in September. Much will depend on how much extra crude comes back on to the market, the robustness of American shale drillers, the fate of Venezuela's crisis-hit oil industry and the impact of U.S. sanctions on Iran.
Crude prices surged on Friday following the vaguely worded OPEC agreement. Venezuela has been among the main culprits in terms of reducing production beyond what was agreed, with its oil industry in freefall over the past 18 months due to the country's dire economic situation. The expectation that the increase will fall short of the 1 million bpd figure boosted the market.
"There was a lot of anticipation in the market that there was going to be a lot of new oil coming to market, and that isn't going to happen, at least for now", said John Kilduff, a partner at Again Capital. What Zanganeh offered was for OPEC and Russian Federation to pump back up to decrease the current cuts to the initial 1.176 million barrels per day (bpd).
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The White House has invoked the same rationale in assessing tariffs earlier this month on steel and aluminum imports . Lindland says American-made luxury cars probably won't benefit from tariffs on their European counterparts.
Asked whether he thought the 14 OPEC ministers gathering in Vienna would reach a unanimous agreement on whether and how to amend the landmark deal, Iraqi Oil Minister Jabbar al-Luaibi replied: "No".