OPEC, Russia Prepared To Raise Oil Output Under US Pressure

Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels per day (MMbbl/d), sources said, while OPEC’s chief said a complaint from U.S. President Donald Trump over high prices had triggered the idea of upping output.

Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia’s Khalid al-Falih adding that any easing would be gradual so as not to shock the market.

Upping production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far, with oil having hit its highest since late 2014 at $80.50 per barrel this month.