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.