Russia’s Gradual Oil Production Causes Prices To Dip – 24 May, 2018

After limiting supplies and partnering with OPEC in 2017, Russia hinted at the possibility of an increase of oil output, causing oil prices to dip. West Texas Intermediate crude futures are down 9 cents at $70.62 per barrel, while Brent crude futures are down 10 cents to $78.69 per barrel. Russia is currently the worlds top oil producer at roughly 11 million barrels of output per day, followed by the United States with 10.73 million bpd. The suggestion comes as Russia sees the oil market balancing out by June.