• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 17 hours America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Editorial Dept

Editorial Dept

More Info

Global Energy Advisory June 8th 2018

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.…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News