Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, while OPEC's chief said a complaint from U.S. President Donald Trump over higher prices triggered the idea of upping output.
Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia's Khalid al-Falih adding that any such move would be gradual so as not to shock the market.
Raising production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far.
Talks are being led by the energy ministers of OPEC kingpin Saudi Arabia and Russia at St. Petersburg this week along with their counterpart from the United Arab Emirates, which holds the OPEC presidency this year.
China has also raised concerns about whether enough oil is being pumped, according to a Saudi statement issued after Energy Minister Falih called China's energy chief on Friday.
OPEC may decide to raise oil output as soon as June.
https://www.usnews.com/news/top-news/articles/2018-05-25/exclusive-opec-russia-discuss-raising-oil-output-by-about-1-million-barrels-per-day-sources
Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia's Khalid al-Falih adding that any such move would be gradual so as not to shock the market.
Raising production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far.
Talks are being led by the energy ministers of OPEC kingpin Saudi Arabia and Russia at St. Petersburg this week along with their counterpart from the United Arab Emirates, which holds the OPEC presidency this year.
China has also raised concerns about whether enough oil is being pumped, according to a Saudi statement issued after Energy Minister Falih called China's energy chief on Friday.
OPEC may decide to raise oil output as soon as June.
https://www.usnews.com/news/top-news/articles/2018-05-25/exclusive-opec-russia-discuss-raising-oil-output-by-about-1-million-barrels-per-day-sources