- The US reportedly asked some OPEC and non-OPEC countries to raise oil production by about a million barrels a day.
- President Donald Trump complained about OPEC and high oil prices in April.
- Follow oil in real time here.
US officials have reportedly asked Saudi Arabia and other supply-cutting countries to raise output by about 1 million barrels per day.
Bloomberg first reported that the request was debated among some oil ministers over the weekend in Kuwait City, citing people familiar with the matter. It is unclear how the request, which has not yet been confirmed by White House officials, was made.
Oil ministers issued a statement after the meeting, advocating for more energy investment in order to “ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world.”
President Donald Trump lashed out at OPEC in late April about high oil prices, a factor that reportedly led the cartel to rethink supply cuts.
“Looks like OPEC is at it again,” Trump tweeted last month. “With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!”
Crude fell following news of the request. Brent, the international benchmark, shed 1.27% to $US74.40 a barrel. West Texas Intermediate slipped to $US64.62 a barrel, down 0.4%.
Both have fallen about 3% over the past week on speculation OPEC could raise output after Saudi Arabia and Russia suggested easing supply cuts.
The cartel and other supply-cutting countries led by Russia announced coordinated oil production cuts in 2016 in an effort to tackle a global glut that was sinking prices.
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