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U.S. President Donald Trump has been pushing for more oil output from OPEC and its non-member partners in increasing global oil production to relieve oil prices in the United States. Russia declared today that it could increase production by at least 200,000 barrels if need be.
Trump Wins Again For American Consumers – OPEC And Russia (Non-Member Countries) Agree To Raise Oil Production By 1MM Barrels A Day
“Russia could increase oil output by more than 200,000 barrels per day (bpd) if needed to help OPEC and non-OPEC producers to increase production by one million bpd, Energy Minister Alexander Novak said on Friday,” reported Reuters.
“If everyone agrees that more is needed,” Novak told reporters. “Of course we will also participate in order to ensure an increase by 1 million. If needed, with a larger scope of increase than 200,000.”
Higher Oil Prices Erase Russian Budget Deficit
Oil production and gasoline prices will most likely be included in the topics for discussion during the upcoming summit between President Trump and President Putin in Helsinki.