The oil price is a little lower Friday, retaining the tone from earlier in the week, ahead of next week’s hotly anticipated OPEC meeting at which its widely expected the cartel could increase production targets.
Saudi Arabia and Russia have both indicated that the meeting will set the scene for the withdrawal of the current output cap.
By 0910 BST, the price of Brent crude was 0.30% lower at $75.71 per barrel. The price of US WTI oil, meanwhile, was off 0.10% at $66.82 per barrel.
OPEC set to discuss output increase
At a meeting between Saudi Arabia and Russia this week, ahead of the OPEC meeting at Vienna, the two countries discussed the possibility of exiting the output cap that has been in place for over a year.
Russia’s energy minister, Alexander Novak said that both Russia and Saudi Arabia support the idea of an exit from the output cap agreement.
“We in general support this ... but specifics we will discuss with the ministers in a week,” Novak said, according to a Reuters article. He added that one way to do that is to hike output by 1.5 million barrels per day – something that could begin as soon as July.
The likely decision to increase oil production comes as output has fallen from some significant oil producers amid civil war and newly imposed US sanctions.
US President Trump has also added his views on the oil price ahead of the June 22 OPEC meeting.
“Oil prices are too high, OPEC is at it again. Not good!,” he tweeted earlier this week.
Russia ups output
Ahead of that key meeting with the nations major oil producing countries, Russia has increased its output levels of the valuable commodity.
After recording output levels of just under 11 million barrels per day in May, the oil rich country reported output of 11.1 million barrels per day in the first week of June.