Archives / 22 June 2018

  • Oil output increase sows OPEC discord

    Oil output increase sows OPEC discord

    Oil prices headed lower last Thursday, after media reports said Iran might accept a modest increase in production at the OPEC summit later on Friday, summoned in Vienna with the participation of a group of non-OPEC countries led by Russia. The main issue was the future of their output target, which has been in place since January 2017. Ahead of the summit, Saudi Arabia and Russia, the world's largest oil producers, pushed for an increase in production, and Iran in particular was a vocal opponent of such plans.

    597