• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 2 hours Oil prices going down
  • 9 hours Oil and Trade War
  • 9 hours When will oil demand start declining due to EVs?
  • 1 hour Sabotage at Tesla
  • 9 hours venezuala oil crisis
  • 11 hours Sell out now or hold on?
  • 11 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 8 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 6 hours What If Canada Had Wind and Not Oilsands?
  • 13 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 13 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 5 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 22 hours Two Koreas Agree To March Together At Asian Games
  • 19 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
  • 7 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
Alt Text

Why Russia Is Playing All Sides In The Middle East

As the United States’ influence…

Alt Text

China Prepares Death Blow To The Dollar

On Monday, China will launch…

Alt Text

Is Saudi Arabia’s Post-Oil Future Realistic?

Saudi Arabia’s 2018 budget reinforces…

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