Russia and OPEC Considering Increasing Oil Production? - Forex News by FX Leaders

Russia and OPEC Considering Increasing Oil Production?

Posted Tuesday, April 16, 2019 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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