• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 5 hours Can the World Survive without Saudi Oil?
  • 18 hours Sears files Chapter 11
  • 48 mins WTI @ $75.75, headed for $64 - 67
  • 18 hours Natural disasters and US deficit
  • 14 hours China Is the Climate-Change Battleground
  • 4 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 1 hour Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 1 day Saudi A Threatens to Block UN Climate Report
  • 1 day German Voters Set to Punish Merkel’s Conservative Bloc
  • 10 hours $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 6 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 1 day Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Global Energy Advisory June 8th 2018

LNG vessel

President Trump has reportedly asked OPEC and Russia to increase crude oil production by 1 million barrels per day as prices at the pump in the United States have climbed to the highest in three years.

The news comes from unnamed sources cited by Bloomberg, so there is nothing official but it is interesting that the amount of increase reportedly requested by the U.S. President is the same as earlier reports suggested is being discussed by Saudi Arabia and Russia.

In fact, the number of reports about possible production raises is quite high, with all citing unnamed sources giving various figures.

While the sources that Bloomberg talked to said the Saudis and their partners from the Gulf wanted to raise production modestly, by about 300,000 bpd, which is the cut Russia agreed to make on its daily output, Russia itself wants a higher raise, of 800,000 bpd. Other unnamed sources, quoted by Reuters this time, however, said both OPEC and Russia were looking at 1 million bpd as the amount of supply to add to global markets.

Meanwhile, amid all the reports, OPEC’s oil ministers are keeping surprisingly quiet about anything to do with production. Usually, this or that minister would drop a hint that would send prices higher or lower immediately even if it is too general to make any concrete conclusions.

Saudi Arabia’s Khalid al-Falih excels at hint-dropping, while his Russian counterpart Alexander Novak is the king of vague general remarks.…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News