Oil Producer Deal May Be Short of What's Needed

U.S. Energy Secretary Rick Perry told reporters on Monday he believes a deal between OPEC and non-OPEC countries reached last week may not be enough to relieve global oil markets that are stressed by supply constraints.

OPEC and non-OPEC countries reached an agreement on Saturday to moderately boost production after consuming countries including the United States had urged them to produce more. Saudi Arabia said the agreement would likely result in about 1 million barrels more oil output per day, or about 1 percent of global oil supplies. Perry said the agreement "may be a little short" of what is needed.

Reporting by Timothy Gardner