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Saturday, 26 May 2018

Russia, Saudis signal oil production boost

Russia, Saudis signal oil production boostRussia and Saudi Arabia said Friday they believe a deal is possible to gradually boost oil output from as soon as July as world oil prices have recently hit highs last seen in 2014. Meanwhile President Vladimir Putin said Friday that Moscow would be satisfied with the price of crude oil dropping to $60 per barrel, from its recent level of around $80. Russia and Saudi Arabia are the key movers behind a pact between OPEC and other producers that has limited production since 2017 but which experts fear may soon lead to a spike in prices.




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