Oil prices slump 3% as Opec and Russia consider output boost

After reports on Friday that Russian Federation and OPEC could start producing more oil soon, US crude dropped 4 percent to $67.88 a barrel. The group had agreed to curb their output by about 1.8 million barrels per day (bpd).

The price for Brent crude oil was down 2.18 percent as of 9:15 a.m. EDT to $77.07 per barrel.

USA crude futures fell $3.08, or 4.36%, to $67.63 a barrel, on the New York Mercantile Exchange.

Novak said a production increase is called for because OPEC member Venezuela has fallen far short of its production targetby almost 1 million barrels a day recently.

The cartel began discussing whether to ease production cuts following Trump's tweet, according to OPEC Secretary General Mohammad Barkindo.

Countries such as USA, Canada and Brazil, which are not in the OPEC/non-OPEC alliance have also taken advantage of the increased oil prices to ramp up‎ production.

After reaching its highest point since the second week of November 2014 on Wednesday, the price of crude oil slid by nearly 3 percent Thursday and Friday.

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Following their comments the price of crude oil slumped by 2 percent on worldwide markets. Hanson said Friday that OPEC members, supported by the Kremlin, were making market decisions of their own. In response, Saudi Arabia said there was no fundamental reason for Brent to trade at $80 as there was sufficient supply to meet rising global demand.

Saudi Oil Minister Khalid al-Falih said at an economic conference in Russian Federation that a gradual output increase could happen in the second half of the year to prevent any supply shocks, according to the RIA Novosti agency.

OPEC's compliance surpassed 150% last month as Venezuela production is at a 70-year low. Trump tweeted last month that Opec had "artificially" boosted oil prices.

"Looking forward, we maintain our central scenario but also see a risk of two more oil price paths", Blanch said. Falih, the de facto head of OPEC, warned that consumer anxiety "is a concern to us".

The two countries could gradually increase their crude production levels in order to compensate for falling oil output in the global market stemming from Venezuela and possibly Iran if USA sanctions are reimplemented.

His remark came one day after Democratic lawmakers blamed the president for boosting gasoline prices just before the Memorial Day start to the summer driving season.

The group is still debating whether resuming normal compliance with the accord would mean nations individually return to 100 percent compliance with their targets, or whether the group as a whole would aim for that level, the people said, asking not to be identified because the talks are private.

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