Oil

Oil prices declined by more than 6 percent in the last few trading days.

Since last year. oil producing countries have cut back production in an attempt to offset dipping prices.

Now Russia and Saudi Arabia are discussing opening the taps by an extra million barrels per day.

US has not played any role in Iran’s oil exports.

The oil price was lower at the beginning of the year than today.

Saudi Arabia and Russia are reportedly nearing an agreement to jointly increase oil production in the upcoming period.

Move follows pressure from US as prices breach $80 a barrel.

The recent US oil rig peak of 1.609 was in October 2014. at a time oil prices had fallen to the mid-$80s b.

The EIA estimates that the US pumped the equivalent of 30 million barrels of oil per day in 2017.

OPEC and allied oil producers including Russia are discussing new ways of measuring global crude stockpiles.