Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

The decision to keep cutting or start ramping up needs to be unanimous.

Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by 1 million barrels a day.

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.

In the currency market. the euro bounced back from a low of $1.1646 touched on Friday to trade at $1.1685.

Asian markets mostly fell Friday after the news of Trump'.s cancellation of the summit.

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.