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The US could ask OPEC to increase oil production

05.06.2018
Economy, Oil, OPEC, USA

The US authorities "quietly asked" Saudi Arabia and some other members of OPEC to increase oil production by 1 million barrels. in a day.
This is reported by Bloomberg referring to sources familiar with the situation.

The agency calls such a request from Washington rare and notes that the US appealed to OPEC countries against the backdrop of a rise in the cost of a barrel to a record over the past three years - on May 17 it reached $ 80 per barrel. In addition, the request followed the decision of US President Donald Trump to resume sanctions against Iran, which previously led to the withdrawal from the market of about 1 million barrels.

Sources Bloomberg found Washington's request to increase production unusual. It is not known exactly how the US representatives contacted OPEC members on this issue.

According to the agency, the request was discussed at a meeting of oil ministers of Saudi Arabia, the United Arab Emirates, Kuwait, Algeria and Oman in Kuwait, which was held on Saturday, June 2. As a result, it issued a statement of readiness "to ensure stable and timely supplies of oil in order to meet the growing demand and compensate for the decline in [production] in some parts of the world."

Brent futures fell by 1.5%, to $ 74.16 per barrel, after reports of the US request, notes Bloomberg.

"It seems that OPEC again took up its. With record volumes of oil everywhere, including loaded ships at sea, oil prices are artificial and too high. Nothing good, it's not accepted, "Trump wrote in his Twitter in April 2018.

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