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Venezuela's crude oil production has fallen below 1 million barrels a day as a result of sanctions imposed by the United States. If the United States tightens sanctions on Iran as many expect, Iran's oil supply may fall further after May.
The joint production cuts have pushed crude oil prices up 32% to nearly $72 a barrel this year, prompting President Trump to pressure OPEC to ease its support for the market. OPEC has always said that these restrictions must be continued, but this position is softening.
"If supply falls sharply and oil prices rise to $85 a barrel, that's something we don't want to see, so we may have to increase production." An OPEC source said.
The source added that the market outlook remained uncertain, largely depending on the strength of sanctions imposed by the United States on Iran and Venezuela before the OPEC meeting in June.
OPEC+composed of OPEC, Russia and other oil-producing countries has reduced production by 1.2 million barrels per day for six consecutive months since January 1 this year. They will meet from 25 to 26 June to decide whether to extend the agreement.
A Russian official said this week that Moscow wanted to increase oil production. A Russian energy source said the move was aimed at preparing the market for the end of production restrictions.
However, Russian President Vladimir Putin seems to have softened that position.
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