Oil prices are picked to fall after the main producing countries struck a deal to boost supply by a million barrels per day.

It's after the US, China and India called on the main oil producers - OPEC - to pump more oil, in order to reduce prices globally.

JMI Wealth's Andrew Kelleher says it's unclear exactly how the member countries will share the extra production, which is about a one percent increase globally.

He told Mike Hosking the US re-imposing sanctions on one of the larger producers, Iran, could mean they don't reach their goal.

"One of the issues is how the increase in supply is gonna work because some of the increase in supply really just replaces where there is either constrained supply at the moment or sanctions so those people can't produce more."

LISTEN ABOVE AS ANDREW KELLEHER SPEAKS TO MIKE HOSKING