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Oil Prices Drop as Producers Eye Production Hikes
Oil futures, which reached three-year highs earlier this month, fell about 3% on reports that Saudi Arabia and Russia may boost their petroleum output this week.
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Oil futures, which reached three-year highs earlier this month, fell about 3% on reports that Saudi Arabia and Russia may boost their petroleum output this week.
The two producers are considering combined hikes of as much as 2.5 million barrels of crude per day. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, will meet in Vienna on June 22.
OPEC will discuss adjustments to the output quotas that the group and independent producers, led by Russia, adopted 18 months ago. The move helped push oil futures up more than 60% to about $73 per barrel in the past 12 months.
But prices have begun to slip on growing fears that President Donald Trump will start a trade war that throttles economic activity and reduces demand for oil. Analysts note the Iran and Venezuela oppose production increases because both face restrictions on their ability to sell petroleum.
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