Oil prices slip on expectations of higher supply from Saudi Arabia, other big producers
The U.S. government has unofficially asked Saudi Arabia and some other OPEC producers to increase output, sources told Reuters on Tuesday. OPEC and Russia will meet on June 22/23 to decide whether to increase production following a fall in global inventories as world demand outstrips supply.
Oil prices fell on Wednesday on increasing signs that Saudi Arabia and other big crude producers may raise supply to balance a surge in demand during the peak U.S. summer driving season. Image source: Reuters