By Reuters May 25, 2018 12:56:36 PM IST (Published)
Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs.
Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said.
An increase of about 1 million bpd would bring compliance with global supply curbs down to 100% from around 152%, the sources said.
The initial talks are being led by the energy ministers of Saudi Arabia and Russia at St. Petersburg this week along with their counterpart from the United Arab Emirates (UAE), which holds the OPEC presidency this year, the sources said.