Discussion under way to increase oil production by 1-million barrels a day
St Petersburg/Dubai — Saudi Arabia and Russia are discussing raising Opec and nonOpec oil production by about 1-million barrels a day, sources say, while Opec’s chief says a complaint from US President Donald Trump over high prices has 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 a barrel earlier in May. Opec began a discussion about easing production cuts following a critical tweet from Trump, Opec’s Secretary-General Mohammad Barkindo said. Trump tweeted in April that Opec had "artificially" boosted oil prices. "We pride ourselves as friends of the US," Barkindo told a panel with ...
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