OPEC, Russia prepared to raise oil output under U.S. pressure

[DonViejo]

Source: Reuters




MAY 25, 2018 / 3:18 AM / UPDATED 2 HOURS AGO

Katya Golubkova, Dmitry Zhdannikov, Rania El Gamal

ST PETERSBURG/DUBAI (Reuters) - Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, 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 such move would be gradual so as not to shock the market.

Raising production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far, with oil LCOc1 having hit its highest since late 2014 at $80.50 a barrel this month.

OPEC began a discussion about easing production cuts following a critical tweet from Trump, OPEC’s Secretary-General Mohammad Barkindo said. Trump tweeted last month that OPEC had “artificially” boosted oil prices.



Read more: https://www.reuters.com/article/us-oil-opec-exclusive/opec-russia-prepared-to-raise-oil-output-under-u-s-pressure-idUSKCN1IQ0Q6

[jpak]

1. Putin? Really?

How can this be?

[Fullduplexxx]

2. Daddy vlad need dome cash

[krispos42]

3. Midterms coming up

Putin wants Republicans in Congress to support his BFF. It's in Russia's interest, after all.

[Fullduplexxx]

5. Midterms oh yea need to bring gas prices down

[Wellstone ruled]

4. Do not forget this,it is lead and lag

when it comes to Oil. Retail Gas is killing the Economy. Remember the Trump regime is juicing the numbers. The real story is,eighty per cent of the US is getting hit in a major way. Consumer Sales are going South in a big way.

And the Rethugs do not want a Economic Collapse before Elections. Please folks,do the math,it is right in front of us.

[pbmus]

6. Already noticing an uptick in money giveaway credit cards...

Will be seeing many more retail outlets going down....auto sales are already low and the idiots finally saw the light on trade wars....

The worlds golden goose is sick....really close to life support..

[Wellstone ruled]

7. Title Loan Shark's and Pay Day theives are

working the Air waves full bore.

[dalton99a]

9. +1. Bloodsuckers are huge MAGA fans

[Wellstone ruled]

11. It is getting beyond Ugly with

these suckers. Once someone uses one of these Suckers,they are trapped for life.

[dembotoz]

8. While car makers move from cars to suv and trucks

[Bengus81]

10. Donnie's mikey mouse tax cut is going to Oil barrons.........

It's 55 cents per gallon higher here in the midwest since the day he took office. Now his idiot base have even figured it out. So...before mid-terms rig up lower oil prices and ratchet up World fears like Bush used to do. Once the elections are over gas will rise to 4.00 per gallon as a average.

[JCMach1]

12. Lol, $80 barely pays Saudi bills

They won't do it.

https://www.cnbc.com/2015/12/03/oil-prices-and-budgetsthe-opec-countries-most-at-risk.html