Saudi Arabia And Russia Talk Increasing Oil Production – 30 May, 2018

In a potential oil supply shortfall concerns after cuts made at the beginning of the year by OPEC and Russia, Saudi Arabia and Russia are discussing increasing oil production by 1 million barrels per day to compensate for supply shortages by Venezuela and Iran. Global supply has seemingly balanced out so the cuts did exactly what they intended to do.  The discussion, however, caused prices to slowly drop, with Brent crude falling 0.6 percent and 45 cents to $74.94 per barrel, and U.S. West Texas Intermediate crude to drop 0.34 percent and 24 cents to $66.49 per barrel.