Iran’s Compromise For OPEC Output Could Lower Oil Prices – 20 June, 2018

Oil Prices Could Decline

Saudi Arabia and Russia are pushing to raise oil production to meet global demand. Though they are likely to be met with slight pushback from Iran at Friday’s OPEC meeting. Trump’s contributions to the rise in oil prices came when he imposed sanctions on Iran and Venezuela’s exports. The compromise for OPEC and it’s allies could lead to a 0.5-0.6 million barrel per day output increase. U.S. Brent crude futures were down 23 cents and 0.3 percent to $74.51 per barrel, while West Texas Intermediate crude futures were down 7 cents and 0.1 percent to $65.64 per barrel.