Oil slips further below $80 a barrel as focus on OPEC intensifies

Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC will end an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran.

The Organization of Petroleum Exporting Countries may decide in June to lift output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington about a rally in oil prices, OPEC and oil industry sources told Reuters.

Venezuela’s output has fallen amid an economic crisis, while Iran’s supply is threatened by U.S. sanctions.
more at: https://www.reuters.com/article/us-global-oil/oil-pinned-below-80-a-barrel-as-chances-rise-of-opec-raising-output-idUSKCN1IP04N?il=0

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