Crude Hits Highest Since 2018 on Talk of Saudi-Russian Output Proposal

saudi russia output proposal talk
Saudi Arabia
  • Date: 01-Jul-2021
  • Source: Investing.com
  • Sector: Oil & Gas
  • Country: Saudi Arabia
  • Who else needs to know?

Crude Hits Highest Since 2018 on Talk of Saudi-Russian Output Proposal

By Dhirendra Tripathi

Investing.com – Crude oil prices hit their highest levels in nearly three years on Thursday, after newswire reports suggested that the the OPEC+ group of producers is working on a plan that would see their output raised by less than currently expected. 

Reuters reported that Saudi Arabia, OPEC's largest producer, and Russia are working on a proposal to raise the group's output by 400,000 barrels a day from August, and by the same amount every month through the end of this year. That would lifting output by 2 million barrels a day from current levels as of the beginning of December.

Check the history on the topic
Vote to feature