Hoping to contain the rise in global energy prices, members of OPEC are agreeing to open the spigot and pump one-million more barrels crude per day.

The price of oil spiked after the announcement, but analysts say the deal should contribute to lower oil prices in the longer term.

Non-OPEC countries like Russia had agreed in 2016 to participate in OPEC’s effort to raise prices, cutting 600-thousand barrels a day of their own production.

The TSX closed at 16,450, a record high.

Gold finished the week at $1,270.70 U.S. per ounce, up 20 cents.

Oil closed at $6.58 U.S. per barrel, up $3.04.

The loonie closed at $75.14 U.S.