Oil prices plunged on Friday as reports said OPEC and Russia are considering lifting production by as much as 1 million barrels a day to meet the shortfall in supply from Iran and Venezuela.
The losses came after media reports hit saying the Organization of the Petroleum Exporting Countries and Russia are discussing plans to lift their production for the first time since 2016. Bloomberg said the major producers are considering pumping between 300,000 and 800,000 more barrels of oil a day, while Reuters said the number could be as high as 1 million barrels.
OPEC and a group of non-OPEC countries led by Russia have since January 2017 cut production in an effort to tackle the global supply glut that had pulled prices to multi-year lows. The global inventories are now close to OPEC’s target, helping lift prices to three-year highs in recent weeks.
more detail at: https://www.marketwatch.com/story/oil-prices-slide-as-opec-russia-mull-output-increase-2018-05-25