Oil prices slump after talk of curbing oil supplies
The energy ministers of Saudi Arabia, Russia and the UAE are discussing an output increase of about 1-million barrels per day
London — Oil prices fell on Friday as Opec and Russia considered easing supply curbs to offset disruptions in Venezuela and an expected drop in Iranian exports. Russian energy minister Alexander Novak has had talks with Saudi energy minister Khalid al-Falih on an easing of the terms of the global oil supply pact that has been in place for 17 months, Novak said on Friday. The energy ministers of Saudi Arabia, Russia and the United Arab Emirates are discussing an output increase of about 1-million barrels per day, sources told Reuters. Brent crude futures were down 44 US cents at $78.35 a barrel at 7.38am GMT, having hit their highest since late 2014 at $80.50 earlier in May. US West Texas Intermediate (WTI) crude futures were at $70.38 a barrel, down 33c. The Middle East dominated oil cartel Opec, as well as a group of nonOpec producers led by Russia, started withholding output in 2017 to tighten the market and prop up prices. Global crude supplies have tightened sharply over the pas...
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