Oil fell Thursday a week ahead of an OPEC meeting where the cartel could reverse coordinated supply cuts that have propped up prices over the past two years. Brent, the international benchmark, was down 2.95% to $74.64 a barrel per 11 a.m. ET. WTI shed 3.04% to $64.96 a barrel.
Saudi Arabia, the unofficial head of OPEC, and Russia, who leads non-OPEC countries in supply cuts, reportedly met earlier this week to discuss raising output amid falling output in Venezuela, Iran, and Angola. The cartel has also reportedly faced pressure from the US to begin easing output constraints.
US officials have reportedly asked supply-cutting countries to raise output by about one million barrels per day. The request was debated among some oil ministers earlier this month in Kuwait City, Bloomberg first reported, citing people familiar with the matter.
OPEC has denied that the Trump administration tried to influence output decisions. But the president has publicly lashed out at the cartel about oil prices, most recently writing on Twitter that they are “too high.” And in April, he tweeted: “Looks like OPEC is at it again. 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!”
Oil ministers from OPEC and other supply-cutting countries meet in Vienna on June 22 and 23. Business Insider
