Russia and OPEC Considering Increasing Oil Production?

On Tuesday, crude oil prices traded lower after a Russian minister commented that Russia, along with OPEC, could increase production in a bid to gain market share. At the time of writing, WTI crude oil prices hovered around $63.29, down by around 0.1% since Monday.

Comments about possibly increasing production output came from Russia’s Finance Minister Anton Siluanov in a bid to wrest market share from the US and towards Russia and the OPEC. However, this move could push oil prices down to as low at $40.

OPEC and its allies are set to meet in June to deliberate whether to continue withholding oil supply. Earlier this year, OPEC+ has agreed to reduce oil production output to 1.2 million barrels per day from January 1, 2019 for a period of six months.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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